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Information security, data breaches, and protecting cardholder information: facing up to the challenges

Author

Listed:
  • Ann Kjos
  • James C. McGrath

Abstract

On September 13 and 14, 2006, the Payment Cards Center of the Federal Reserve Bank of Philadelphia and the Electronic Funds Transfer Association (EFTA) hosted a conference entitled ?Information Security, Data Breaches, and Protecting Cardholder Information: Facing Up to the Challenges.? The two-day event was designed to bring together a diverse set of stakeholders from the U.S. payments industry to discuss a framework to guide industry practices and inform public policy. This paper summarizes key highlights from this event. Conference participants emphasized that the industry must address two fundamental issues: (1) increasingly dangerous threats to sensitive consumer information and (2) public perception and understanding of the risks from data breaches. These challenges are related but need different solutions. A consensus emerged that while the situation is not yet dire, it is serious, and warrants attention from all payments stakeholders.

Suggested Citation

  • Ann Kjos & James C. McGrath, 2006. "Information security, data breaches, and protecting cardholder information: facing up to the challenges," Consumer Finance Institute discussion papers 07-01, Federal Reserve Bank of Philadelphia.
    • Handle: RePEc:fip:fedpdp:07-01
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    File URL: https://www.philadelphiafed.org/-/media/frbp/assets/consumer-finance/conference-summaries/C2006SeptInfoSecuritySummary.pdf
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