Home Depot Reports Possible Credit Card Breach

Many security experts agree with Ruden and are rallying around the EMV standard, which requires consumers to use and retailers to accept chip-based smart cards with embedded microprocessor chips that encrypt transaction data differently for each purchase. They hope the EMV standard will replace the dated magnetic stripe technology currently used on major credit and debit cards, which they believe is less secure.

Ruden also offered a few quick tips for retailers to keep in mind to minimize the risk of a data breach taking place at their companies. They include the following:

1. Have good security controls in place. Good controls are both preventative and detective, and should focus on both data at rest and data in motion. Point-to-point encryption is a key technique to defend against this type of attack, covering the business assets with a strong preventative control. Intrusion detection is a strong detection control. When retailers have a controlled environment, much risk can be mitigated.

2. Believe in EMV. EMV is coming, and it's important to recognize how this will change the dynamics of fraud and the nature of chargebacks. It’s not too early for retailers to get on board and be a part of the solution.

3. Remember that security isn't simply a "checkbox.” Many PCI-compliant companies have been hacked, so it’s important to remember that security is best when regarded as a ceiling rather than a floor.