- Top executives from Target (TGT -0.4%) and Neiman Marcus are testifying in front of a Senate Judiciary committee today on their company's respective data security breaches
- One of the very first questions after a non-eventful reading of prepared statements was on seeing the industry move to chip and pin technology instead of the continued use of magnetic strips on cards.
- Target CFO John Mulligan offers little resistance, saying a "collective" effort in the direction of smartcards needs to occur.
- The adoption of smartcards could cut into capital expenditures and IT spending at banks and retailers which are behind the curve.
Senate committee probes retail data breaches
Feb 4 2014, 12:23 ET