Visa, MasterCard In Security Hot Seat

clipped from www.forbes.com

In security breach cases last year, such as Hannaford Bros. supermarket and the card processing firm Heartland Payment Systems, the cybercriminals who gained access to millions of consumers’ credit card details haven’t been–and may never be–identified or prosecuted.

So in a hearing Tuesday, the House of Representative’s Committee on Homeland Security took aim at a more accessible target: credit card companies like Visa and MasterCard, which are responsible for creating and enforcing the Payment Card Industry (PCI) standards that failed to prevent those breaches.

Given that both Hannaford and Heartland had complied with PCI rules, the congressional panel turned the spotlight on the credit card companies, arguing that their security measures need to be redesigned or supplemented with federal laws–a potential crackdown that could require changes on the part of both retailers and financial services companies.

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