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.
The latest data breach notification bill comes from the Senate Commerce Committee, whose chairman Jay Rockefeller says the recent string of retailer breaches means companies need to do a better job protecting their customers' information.
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.
A class action lawsuit has been filed against Horizon Blue Cross Blue Shield of New Jersey in the wake of a recent data breach that affected nearly 840,000 members. One legal expert predicts breach-related litigation could soar in 2014.