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With data vulnerable, retailers look for tougher security

(Reuters) - A top retail trade group executive on Sunday called for tougher security standards that could mean more spending for the industry, its banks and business partners after a series of data breaches at major merchants.

Stores and card processing companies have reported a steady stream of security breaches for years without a major backlash from consumers, such as those disclosed by TJX Cos in 2007 and by Heartland Payment Systems Inc in 2009.

But the latest thefts - including attacks on Target Corp and Neiman Marcus - have involved a broad set of merchants and could mark a watershed moment for security standards as calls grow for changes in the protection of consumer information.

One sign of the change is a new enthusiasm for payment cards that store customer information on computer chips and require users to type in personal identification numbers. More...

01-13-2014 17:37