Quote:
Originally Posted by rubicon
Target is being sued for this breach. Boy that was surprised I bet a number of credit card holders will allege psychological damage at the thought their cards were compromised and that it has caused such a shift in their lives that they can no longer, eat, sleep or have sex ( yes not having sex is a legitmate claim. Its called consortium ( sex, services, society from a spouse)
what a country!
If the banks get sued for utilizing antiquated methods for protecting their customers then, I guess it might move up the chip/pin utilization
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The financial institutions were not the cause of the delay.... At least, that is not what I have been reading.
Many businesses that accept credit and debit cards did not want to spend the money to upgrade their card technology.
The big shift will happen in 2015, that is when the banks said to retailers; After that, if a retailer has fraud from accepting mag strip cards, they pay!
Preparing for the Shift in Credit Card Liability in 2015
A comment about companies storing data. It is considered a best practice now days to encrypt certain types of data that is stored on disk (databases, backups, etc). Essentially any data that has any sort of privacy, financial, etc, type implication. However, many companies have not been willing to spend the money to retrofit their systems to encrypt that data.
It will be interesting to read the details of this case as they emerge... what little details are provided will be in information technology periodicals.