GM Sectec and Visa Strengthen Partnership to Deliver Best-in-Class Cyber Security Capabilities in Latin American and Caribbean

Rhea-AI Summary

On September 21, 2022, GM Sectec and Visa announced an enhanced partnership aimed at improving cybersecurity and fraud prevention in Latin America and the Caribbean. The collaboration focuses on providing payment management services bolstered by GM Sectec's cybersecurity expertise. With a surge in digital payments, 73% of small businesses view adopting new payment methods as crucial for growth. The partnership includes ongoing education initiatives like PaySec Talks to raise awareness about cybersecurity strategies and best practices.

Positive

• Strengthened partnership between GM Sectec and Visa enhances cybersecurity capabilities.
• 73% of small businesses consider new digital payments essential for growth.
• Educational initiatives such as PaySec Talks promote cybersecurity awareness.

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SAN JUAN, Puerto Rico and MIAMI, Sept. 21, 2022 /PRNewswire/ -- GM Sectec, the global leader in cybersecurity, and Visa, global leader in digital payments, announced today the strengthening of their partnership to facilitate fraud prevention, cyber defense and cybersecurity best practices in the Latin America and Caribbean region. To this end, GM Sectec in partnership with Cybersource, a Visa solution, will now offer payment and risk management services supported by GM Sectec's cybersecurity expertise.

The COVID-19 pandemic accelerated the adoption of digital payments globally and especially in Latin America and the Caribbean, as buyers and sellers continue to expand their use of contactless, on-line and remote payment capabilities. The use of the Internet is increasingly present in people's daily lives and financial institutions are increasingly exposed to constant security threat vectors. This situation has led to an increase in the number of cyber-attacks and the need to reinforce the security of transactions made through digital channels.

The 6th edition of Visa's Global Back to Business study finds that 73% of small businesses surveyed said accepting new forms of digital payments is fundamental to growth in 2022. 59% of small businesses surveyed said they already are, or plan to, only use digital payments within the next two years – largely in step with 41% of consumers surveyed who said the same. 90% of small businesses surveyed with an online presence said they attributed pandemic survival to increased efforts to sell online[1].

These figures show the importance of companies implementing an effective cybersecurity strategy that allows them to continue to grow, while offering secure shopping experiences to their customers. Through this collaboration, GM Sectec and Visa will continue to inform the financial ecosystem on the topic of cybersecurity and further support the development and implementation of solutions to mitigate threats, safeguarding the integrity of their systems and protecting consumers.

For the fourth consecutive year, both companies will continue the PaySec Talks initiative. These are learning experiences meant to educate and guide organizations in understanding the importance of having cybersecurity tools and procedures that help protect their data and that of their customers and promote an understanding for their true cyber risk and fraud prevention techniques. In addition, through this partnership, GM Sectec offers Visa clients unique support in PCI validation services, cybersecurity consulting, and fraud prevention assessments.

"One of the biggest concerns for businesses and organizations of all types, sizes and industries is how to protect the personal data and sensitive information of hundreds of thousands of users, customers and consumers who rely on them to conduct their daily transactions through various channels and platforms, many of them digital. The strengthening of our partnership with Visa, will allow organizations of all types across the payment system to engage cyber defense best practices with the support of a trusted cyber defense leader," said Hector Guillermo Martinez, president of GM Sectec.

"For Visa, keeping the digital movement of money secure is our number one priority," said Eduardo Perez, Chief Risk Officer for Visa in Latin America and the Caribbean. "Partnerships like this one, enables us to continue to innovate in solutions that provide buyers and sellers with increasingly secure, convenient, and frictionless payment experiences, both online or physically at the point of sale."

Considering Cybersecurity Awareness Month that takes place in October – a collaborative effort to raise awareness on the importance of online security - GM Sectec and Visa will kick off their Paysec Talks series in Latin America, starting on September 27th in Mexico City. Pay Sectec Talks is an initiative designed by Visa and GM Sectec to raise awareness on PCI DSS Compliance and digital risk management work streams. For more information on the PaySec Talks Series, visit: https://events.gmsectec.com/paysec2022_registro

About GM Sectec

GM Sectec is a leading cyber defense and managed security services provider with operations in 50 countries worldwide and over 50 years of continuous service. GM Sectec solutions and services cover three core areas: Risk, Governance, and Compliance, Managed Security Services, and Fraud Prevention and Consulting, which in combination are to protect and detect advanced attacks and respond to them effectively, reducing business risk, fraud, and cybercrime. Founded in 1970 as General Computer Corporation and later as GM Group in the 1990s, GM Sectec has an extensive track record and experience in the management of policies and integrated processes of technologies and standards for data protection in payment system risk. The company has been recognized for its high standards of Security, Availability and Confidentiality, passed the strictest world class certifications, such as: SOC 2 Type 2 Service Organization, CSAA Certified, PCI Qualified Security Assessor, PCI Approved Scanning Vendor, PCI Point-to-Point-Encryption (P2PE), PCI PIN, PCI PFI UL Listed, Visa Preferred Partner in Cybersecurity and FIRST team members. GM Sectec is a listed Top 150 Cybersecurity company in 2022 by Cybercrime Magazine. To learn more about GM Sectec, visit our website: www.gmsectec.com

About Visa Inc

Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.

[1] Visa Back to Business Global Study

Maycler Suárez 
Maycler.suarez@gmsectec.com 
+1 787 620-5260

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SOURCE GM Security Technologies

FAQ

What is the focus of the GM Sectec and Visa partnership?

The partnership aims to enhance cybersecurity and fraud prevention in Latin America and the Caribbean.

When was the announcement about the partnership made?

The announcement was made on September 21, 2022.

What significant finding about small businesses was reported?

73% of small businesses stated that adopting new digital payment methods is fundamental for growth in 2022.

What initiative is launched to raise cybersecurity awareness?

The PaySec Talks initiative is designed to educate organizations about cybersecurity best practices.

How does the pandemic influence digital payment adoption?

The COVID-19 pandemic accelerated the global adoption of digital payments, particularly in Latin America and the Caribbean.