Expel brings Managed Detection and Response (MDR) capabilities, which Visa uses to augment its own security team, to Visa’s Value-Added Services portfolio, helping to protect global clients from emerging cyberthreats
Press releases · Cole Finch
SAN FRANCISCO, CA – October 2, 2023 – 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.
1 Cybercrime Magazine, Cybersecurity Ventures, 2022 Official Cybercrime Report, https://cybersecurityventures.com/cybercrime-to-cost-the-world-8-trillion-annually-in-2023/
2 IBM, Cost of a Data Breach Report 2023, https://www.ibm.com/reports/data-breach
3 Fortune Business Insights, Payment Security Market Size, November 2022, https://www.fortunebusinessinsights.com/payment-security-market-103748
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.
Expel helps companies of all shapes and sizes minimize business risk. Our technology and people work together to make sense of security signals—with your business in mind—to detect, understand, and fix issues fast. Powered by our security operations platform, Expel offers managed detection and response (MDR), remediation, phishing, vulnerability prioritization, and threat hunting. For more information, visit our website, follow us on LinkedIn, or read why Forrester named Expel a Leader in the Forrester Wave™: Managed Detection And Response, Q2 2023.