Newsletters
Customer Relationship Management News NewsFactor Sites:       NewsFactor.com     Enterprise Security Today     CRM Daily     Business Report     Sci-Tech Today  
   
Home CRM Systems Customer Service Business Intelligence Sales & Marketing More Topics...
Eliminate costly downtime!
Find out how with Free White Paper
& enter to win a Samsung Galaxy Note

www.apc.com
Tech Trends
24/7/365 Network Uptime
Average Rating:
Rate this article:  
Target Data Breach Pits Banks Against Retailers
Target Data Breach Pits Banks Against Retailers

 
February 7, 2014 9:34AM

Bookmark and Share
The Target theft could prove to be the biggest data breach on record for a U.S. retailer. Now, retailers and banks are pointing fingers at each other. Retailers say banks must upgrade the security technology for the credit and debit cards they issue. Banks say newer electronic-chip technology wouldn't have prevented the Target breach.
 


(Page 2 of 2)

In the middle are American consumers, many of whom say they're alarmed about the safety of their personal information since the Target breach. In an Associated Press-GfK poll conducted Jan. 17-21, nearly half of those surveyed said they've become extremely concerned about the vulnerability of their personal data when shopping in stores since the incident.

This week, Congress is examining data security breaches and what to do about them. Four committees have scheduled hearings.

At a Senate Judiciary Committee hearing Tuesday, the head of the Federal Trade Commission and officials from the Secret Service and the Justice Department are set to testify. So are executives of Target and luxury retailer Neiman Marcus.

Still unknown is how the malicious software that was used to carry out the theft got into Target's computer system and how the hackers stole credentials from a Target vendor to enter the system. The identity of the vendor isn't known, either. The Secret Service has been investigating, and Attorney General Eric Holder has said the Justice Department is conducting a criminal probe to find those responsible.

Retailers are trying to shore up consumers' confidence by upgrading and testing their systems for accepting payments. But their trade association says the billions that merchants are spending won't prevent breaches unless the banks adopt more secure card technology.

The banks plan to put digital chips for storing account information on debit and credit cards by the fall of 2015. Compared with the current magnetic strips, it's a system that typically makes data theft harder and is common in other countries. This would be a step forward but hardly a guarantee against cyber attacks, the banks caution.

Retailers want the chips, but they also want each debit or credit card transaction to require a personal identification number instead of a signature. Experts say it's harder for criminals to steal personal identification numbers than to forge signatures.

The magnetic strips use the same technology as cassette tapes to store account information and are easy to copy. By contrast, a digital chip generates a unique code each time it's used. Criminals can steal and sell data from cards with chips, but they can't create fraudulent cards.

< Previous Page  |  1  |  2

 


© 2014 Associated Press under contract with NewsEdge. All rights reserved.
 

Tell Us What You Think
Comment:

Name:

Ryan K:

Posted: 2014-02-11 @ 9:07am PT
@Ken D: That would be nice!

Ken D.:

Posted: 2014-02-11 @ 9:06am PT
Here's a novel idea...
How about the retailers and the banks *work together* to come up with sound security measures?



APC has an established a reputation for solid products that virtually pay for themselves upon installation. Who has time to spend worrying about system downtime? APC makes it easy for you to focus on business growth instead of business downtime with reliable data center systems and IT solutions. Learn more here.


 Tech Trends
1.   Poll: A Mix of Feelings on Future Tech
2.   'Like' Cheerios, Give Up Right To Sue
3.   Google Earnings, Sales Disappoint
4.   Review: Windows Embraces the Past
5.   Intel Reports Lower 1Q Net Income


advertisement
Product Information and Resources for Technology You Can Use To Boost Your Business

Network Security Spotlight
Verizon Data Breach Report Exposes Top Threats
Beyond Heartbleed, there are cyberthreats vying to take down enterprise networks, corrupt smartphones, and wreak havoc on businesses. Verizon is exposing these threats in a new report.
 
Where Do Web Sites Stand, Post-Heartbleed?
A security firm says the vast majority of Web sites have patched themselves to protect against the Heartbleed bug, but now there are questions raised on the reliability of open-source programs.
 
White House Updating Online Privacy Policy
A new Obama administration privacy policy explains how the government will gather the user data of online visitors to WhiteHouse.gov, mobile apps and social media sites, saying much is in the public domain.
 

Navigation
CRM Daily
Home/Top News | CRM Systems | Customer Service | Business Intelligence | Sales & Marketing | Contact Centers | Customer Data | CRM Press Releases
NewsFactor Network Enterprise I.T. Sites
NewsFactor Technology News | Enterprise Security Today | CRM Daily

NewsFactor Business and Innovation Sites
Sci-Tech Today | NewsFactor Business Report

NewsFactor Services
FreeNewsFeed | Free Newsletters | XML/RSS Feed

About NewsFactor Network | How To Contact Us | Article Reprints | Careers @ NewsFactor | Services for PR Pros | Top Tech Wire | How To Advertise

Privacy Policy | Terms of Service
© Copyright 2000-2014 NewsFactor Network. All rights reserved. Article rating technology by Blogowogo. Member of Accuserve Ad Network.