Retailers face severe damages from a major data breach. A third of consumers whose personal data has been compromised avoid doing business with the retailer after a breach, a study released this week by Javelin Strategy & Research, found.
"Retail is highly commoditized," Al Pascual, analyst for Javelin Strategy, said. "If Target doesn't work out for me, than I can go across the street to any Wal-Mart."
Wal-Mart has been pushing Visa and Mastercard to move faster in requiring chip-and-PIN cards, Avivah said.
"They want to standardize their equipment across the globe for economic reasons and the U.S. is one of the only countries that hasn't yet moved to chip-card acceptance," she said.