Encryption gaps in retail payment card transactions were highlighted at a Congressional hearing that examined security failures in the aftermath of malware attacks against point-of-sale systems at Target and Neiman Marcus.
When breaches result from retailers' lax security practices, merchants should be obligated to help banking institutions cover fraud losses and other post-breach expenses, says Viveca Ware of the Independent Community Bankers of America.
As Congressional leaders look for answers about why U.S. card security is failing, there hasn't been enough discussion surround why EMV can't easily fix our system. And the card brands have been conspicuously absent from the debate.
At a Feb. 4 Senate hearing, a senior executive from Target Corp. endorsed a shift to chip cards, combined with PINs, to enhance security, while a Neiman Marcus executive questioned if that was a prudent move.
A review of the RSA 2014 agenda shows several seminars, panels and speakers of particular interest to healthcare-focused attendees, including those focused on mobile device security and medical device hacks.
Several payment system experts testifying at a Senate hearing on Feb. 3 urged the adoption of chip card technology in the wake of breaches at Target Corp. and Neiman Marcus. But representatives of banking and retailing engaged in some finger-pointing.
The PCI Security Standards Council has no plans to modify its standards for payment card data security in response to high-profile payment card breaches at Target and Neiman Marcus, says Bob Russo, the council's general manager.
They're thought-leaders. Movers and shakers. VIPs and MVPs within their industry sectors. And their actions weigh heavily on how information security is practiced, taught and tested. These are 2014's Influencers.
The breach at Target Corp. that compromised as many as 40 million payment card accounts, along with the personal information of about 70 million customers, was the result of hackers stealing electronic credentials from a vendor, the retailer reports.
Retail data breaches are growing. ISight Partners' Tiffany Jones, a researcher who helped the Department of Homeland Security prepare its report about malware attacks, offers new insight into the latest cyber-attacks.
While details surrounding a suspected breach at Michaels remain unclear, two U.S. card issuers say they believe the retailer was targeted by point-of-sale malware similar to what compromised Target and Neiman Marcus.
Representatives of the American Bankers Association, the National Retail Federation and the PCI Security Standards Council are among those slated to testify at a Feb. 3 Senate hearing on safeguarding consumers' financial data.