Economy

xchrom

(108,903 posts)

24. The Huge Target Data Breach Pits Banks Against Retailers

Tue Feb 4, 2014, 09:18 AM

Feb 2014

http://www.businessinsider.com/target-data-breach-pits-banks-against-retailers-2014-2

WASHINGTON (AP) — Banks and big retailers are locked in a debate over the breach of consumer data that gripped Target Corp. during the holiday season. At issue: Which industry bears more responsibility for protecting consumers' personal information?

The retailers' argument: Banks must upgrade the security technology for the credit and debit cards they issue.

The banks' counterargument: Newer electronic-chip technology wouldn't have prevented the Target breach. And retailers must tighten their own security systems for processing card payments.

The finger-pointing is coming from two industries with considerable lobbying might. Their trade groups have been bombarding lawmakers with letters arguing why the other industry must do more — and spend more — to protect consumers.

Read more: http://www.businessinsider.com/target-data-breach-pits-banks-against-retailers-2014-2#ixzz2sMJzbL3L

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