21 October 2017
visit www.response.ncr.com

Target names DeRhodes CIO; partners MasterCard for chip and PIN

29 April 2014  |  5634 views  |  0 credit card chip

Target has hired industry veteran Bob DeRodes to overhaul its security efforts in the wake of its recent massive data breach. The retail giant has also outlined plans to incorporate MasterCard chip and PIN technology across its card portfolio.

DeRodes has been appointed EVP and chief information officer, overseeing the technology team and operations, developing a long-term information technology and digital roadmap.

However, his most immediate task will be directing efforts to improve the retailer's data security, which was compromised before Christmas when hackers installed malware on POS devices and stole the card details of around 40 million shoppers.

The breach cost DeRodes' predecessor as CIO Beth Jacob her job. The company is also still searching for a new chief information security officer and chief compliance officer.

DeRodes comes to Target with more than 40 years of experience, having held technology positions at CitiBank, USAA Federal Savings Bank, First Data, Home Depot and Delta Air Lines. He has also served as a senior advisor to several government agencies, including the department of homeland security.

Gregg Steinhafel, CEO, Target, says: "I believe Target has a tremendous opportunity to take the lessons learned from this incident and enhance our overall approach to data security and information technology. Bob's history of leading transformational change positions him well to lead our continued breach responses and guide our long-term digital strategy."

Meanwhile, Target says that it has already committed to move its entire REDcard portfolio, including all Target-branded credit and debit cards, to MasterCard chip-and-PIN technology from early 2015. This is part of a $100 million plan that will see new payment terminals installed in all 1797 US stores by September.

Separately, the EMV Migration Forum has released a technical EMV debit framework designed to help the industry make the transition from mag-stripe cards.

Randy Vanderhoof, director, EMV Migration Forum, says: "This technical framework addresses the fundamental challenge faced by the U.S. debit payments industry: how to implement EMV for debit cards with the flexibility to meet compliance guidelines established by the Federal Reserve rulemaking that may change over time."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

PCI security vendor Trustwave named in Target breach suit

PCI security vendor Trustwave named in Target breach suit

26 March 2014  |  6553 views  |  0 comments | 4 tweets | 7 linkedin
Visa and MasterCard launch cross-industry effort to push US adoption of EMV

Visa and MasterCard launch cross-industry effort to push US adoption of EMV

07 March 2014  |  11471 views  |  4 comments | 20 tweets | 19 linkedin
Target chief information officer quits

Target chief information officer quits

05 March 2014  |  5741 views  |  0 comments | 6 tweets | 5 linkedin
Credit unions estimate $30 million hit from Target breach

Credit unions estimate $30 million hit from Target breach

11 February 2014  |  5849 views  |  0 comments | 6 tweets | 10 linkedin
Hacked Target hastens migration to chip cards

Hacked Target hastens migration to chip cards

05 February 2014  |  6758 views  |  0 comments | 4 tweets | 9 linkedin
Citi replaces all debit cards involved in Target breach

Citi replaces all debit cards involved in Target breach

16 January 2014  |  6227 views  |  0 comments | 7 tweets | 7 linkedin
Target raises numbers hit by data breach from 40 million to 70 million

Target raises numbers hit by data breach from 40 million to 70 million

10 January 2014  |  5939 views  |  1 comments | 11 tweets | 6 linkedin
Target says 40 million cards may have been compromised in data breach

Target says 40 million cards may have been compromised in data breach

19 December 2013  |  10315 views  |  2 comments | 11 tweets | 12 linkedin
US chip card debate heats up

US chip card debate heats up

26 April 2013  |  14914 views  |  0 comments | 13 tweets | 7 linkedin
Visa to offer "some" of its EMV technology free of charge

Visa to offer "some" of its EMV technology free of charge

04 February 2013  |  8483 views  |  1 comments | 8 tweets | 4 linkedin
MasterCard joins push for US EMV switch

MasterCard joins push for US EMV switch

31 January 2012  |  11682 views  |  4 comments
Visa: US EMV move doesn't mean chip and PIN

Visa: US EMV move doesn't mean chip and PIN

17 January 2012  |  16827 views  |  7 comments | 1 tweets

Related company news

 
Register nowvisit www.niceactimize.comvisit www.vasco.com

Top topics

Most viewed Most shared
HSBC partners Bud for open banking trialHSBC partners Bud for open banking trial
9866 views comments | 22 tweets | 26 linkedin
satelliteGates Foundation backs Ripple collaboratio...
8928 views comments | 13 tweets | 10 linkedin
Mastercard to roll out blockchain APIMastercard to roll out blockchain API
8581 views comments | 16 tweets | 19 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
8020 views comments | 9 tweets | 17 linkedin
Sibos 2017: API or the highwaySibos 2017: API or the highway
7673 views comments | 10 tweets | 22 linkedin

Featured job

Competitive base, commission, benefits
London, UK

Find your next job