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Target data breach pits banks against retailers
http://www.mysanantonio.com/news/politics/article/Target-data-breach-pits-banks-against-retailers-5202137.phpTarget data breach pits banks against retailers
By MARCY GORDON, AP Business Writer : February 4, 2014 : Updated: February 4, 2014 7:23am
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.
