Visa (NYSE: V) today announced a strategic partnership with Expel, a leading security operations provider, extending Visa’s Value-Added Services offering in the emerging Managed Detection and Response (MDR) segment to clients globally.
Global cybercrime costs are expected to reach $10.5 trillion USD annually by 20251, impacting businesses of all sizes. Through the referral partnership, Visa and Expel are working to make it easier for clients to anticipate and protect against cyber threats.
“On average, businesses across the globe lose more than $4 million per year as a result of cyber crime2, resources that can be used to increase innovation and address needs in the market,” said James Mirfin, Global Head of Visa’s Risk and Identity Solutions. “As customers deal with an ever-expanding range of threats, they’re asking Visa for solutions to help them better manage their risk holistically, including cyber risk. The partnership with Expel will allow us to provide a more holistic security offering to new and existing clients across the network.”
Companies are dealing with a large quantity of issues related to cybersecurity, including an ever-expanding threat landscape, a constant stream of cybersecurity alerts and events, and challenges hiring and retaining cybersecurity talent. Ensuring that clients across the network have a strong security posture, including cyber, is a high priority for Visa. Building on the work already undertaken to protect the network, Visa is committed to facilitating secure global money movement by helping clients identify and mitigate their own cyber vulnerabilities. Expel® MDR prioritizes detections based on clients’ key assets, reduce alert-to-response time to minutes, automatically stop threats from spreading, and arm Visa’s clients with metrics to strengthen their security. The partnership is intended to give clients:
The ability to move from a reactive security posture to a proactive posture, focused on risk-based decision making
Improved threat detection and response capabilities in the face of ever-evolving cybersecurity threats and industry challenges
MDR services informed by external intelligence, trends, and threat techniques
Visibility across attack surfaces that include cloud, on-premises, SaaS applications, and Kubernetes
Less time managing security operations and dedicating resources to other high-priority initiatives
24/7 security monitoring and response
“Organizations across the globe trust Visa to help mitigate risk and facilitate safe and secure transactions, so we’re thrilled to complement Visa’s own best-in-class efforts to prevent cybercrime with our MDR capabilities,” said Dan Webb, VP Global Channel Sales & Alliances at Expel. “We’re honored that Visa entrusts us as a customer and recommends Expel as the MDR provider that will help their customers get more actionable insights from their security investments, reduce the amount of time they’re spending investigating threats, and ultimately sleep better at night knowing they have us monitoring and responding in their environments.”
The fraud and payment security market is large and growing faster than card payments,3 and a strong foundation of cyber protection is required to enhance fraud defenses. This partnership is helping Visa build on its advanced internal cybersecurity capabilities to help create a more secure ecosystem. Our Risk and Identity Solutions, support the security and integrity of the Visa network and help keep our clients and partners secure.
Visa will begin offering Expel’s solution to Visa clients within the United States and Canada, with plans to roll out globally.