Executives with data security firms and payment processors agreed last week that the era of a familiar, relatively reliable standard for protecting consumer payment data may be drawing to a close.
The news that the Target thieves had compromised data from perhaps 110 million accounts overall and that other retailers, including luxury retailer Neiman Marcus had suffered breaches, suggested the Payment Card Industry Data Security Standard, the accepted standard for card data security for over a decade, may have become irrelevant, the executives said.
They also noted that there is nothing currently in the works, except cards with embedded chips which are still some months or years away, to replace it.
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