Senate committee probes retail data breaches

|By:, SA News Editor

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.