Visa CFO: 'Quite a bit of investment' needed to install chip technology

[InfoSec News <alerts () infosecnews org>]

http://www.zdnet.com/visa-cfo-quite-a-bit-of-investment-needed-to-install-chip-technology-7000027067/

By Larry Dignan
Between the Lines
ZDNet News
March 6, 2014

Visa's chief financial officer said that securing retail point-of-sale 
infrastructure will take a hefty investment, chips on credit cards are 
critical and better encryption may be the fastest way to secure 
transactions.

Byron Pollitt, CFO of Visa, said at the Morgan Stanley Technology Media & 
Telecom conference that cybersecurity is the No. 1 topic in the payment 
ecosystem following the widely publicized data breaches at Target. Target 
CIO Beth Jacob resigned on Wednesday.

Pollitt characterized security as a never-ending investment cycle for 
retailers. In the near term, Pollitt said Visa will be "pushing more in 
the encryption activity. Encryption that goes beyond the minimum required 
to be PCI compliant."

Why? Better encryption could be implemented the fastest. So-called chip 
and PIN technology is also critical, but will take more time to implement, 
he said. EMV (Europay, Mastercard, Visa) puts chips on cards and makes 
them harder to counterfeit. About 70 percent of fraud revolves around the 
magnetic stripe on credit cards.

[...]



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