Visa Inc. (NYSE:V) has recently joined forces with the renowned security operations provider, Expel, with the aim of empowering its global clientele to effectively identify and mitigate a wide range of cyber threats, ensuring the secure movement of money worldwide. Initially, Expel’s solution will be accessible to Visa’s clients in the United States and Canada, with future plans to expand its availability worldwide.
The advanced Managed Detection and Response (MDR) capabilities offered by Expel played a significant role in Visa’s decision to partner with them in the fight against cybercrimes. Expel’s solution takes into account the critical assets of clients, prioritizing the identification of cyber vulnerabilities. As a result, Visa’s clients will benefit from improved threat detection and response capabilities, addressing the ever-expanding landscape of fraud.
Moreover, clients will gain greater visibility into attack surfaces, including cloud environments, on-premises systems, SaaS applications, and Kubernetes. By leveraging MDR services informed by external intelligence, trends, and threat techniques, customers will reduce the time spent on threat investigations. The collaboration also promises round-the-clock security monitoring and response capabilities.
This recent partnership underscores Visa’s commitment to strengthening its internal cybersecurity capabilities and enhancing its Risk and Identity Solutions portfolio, aimed at creating a more secure ecosystem. These solutions are part of Visa’s suite of Value-Added Services, and portfolio enhancements often attract new customers, potentially leading to increased revenues.
Visa, a leader in digital payments, already has several fraud prevention tools in place, including Visa Advanced Authorization, Visa Secure, Visa Advanced Identity Score, and Visa Consumer Authentication Service solutions, all of which enhance payment security for financial institutions and merchants.
Expel’s solution is poised to offer significant benefits to Visa’s new and existing clients within its network, especially in the context of the growing digital era. While digitization brings convenience, it has also led to a surge in cybercrimes, compromising organizations’ payments and customer data.
According to Cybersecurity Ventures, global cybercrime costs are projected to reach $8 trillion in 2023, with an expected annual growth rate of 15% over the next three years. This alarming trend affects businesses of all sizes. Collaborations like the one between Visa and Expel are crucial in addressing the urgent need to establish a secure payment ecosystem.
Visa’s stock has performed well, gaining 24.5% in the past year, outpacing the industry’s 18.4% growth. Currently holding a Zacks Rank #2 (Buy), Visa is poised to strengthen its position in the cybersecurity landscape.
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Author Faith Yakubu 
