In wake of breaches, NRF calls for adoption of PIN-and-chip cards
New York — The National Retail Federation is calling for the use of chip-and-PIN technology in credit and debit cards. Experts say the technology, standard around the world, is more secure than the magnetic stripe cards that are still widely used throughout the United States.The technology has not been widely adopted in the United States, partly due to its higher cost
"PIN-and-chip cards are widely used across the globe, and it’s time for the bankcard industry in the United States to adopt that technology to better protect our consumers,” stated senior VP for government relations David French. “We must transition away from 1960s technology and adopt a 21st century system that will help reduce and prevent fraud and protect customers from the threat posed by sophisticated cybercriminals, hackers and data thieves.’
In addition to calling for the adoption chip and pin technology, the NRF board agreed at its meeting on January 12 that the country needs a federal cyber law that would allow for immediate sharing of information about the latest threats, and would outline a comprehensive plan for the thorough investigation and prosecution of data crimes.
THe NRF board also called for a single federal breach notification law to replace the patchwork of 47 different state laws which would allow retailers to focus on a single law and simplify consumers understanding of their rights.
“In the days ahead, the NRF will be working with retailers large and small, policy makers, trade associations, consumer protection advocates, law enforcement and other stakeholders to coordinate and advance a campaign that will ultimately result in consumer data protection,” said Mallory Duncan, senior VP and general counsel, NRF.
Survey: Businesses not managing data effectively
New York — A new survey by KPMG Capital reveal a stark disconnect between C-suite executives who realize the value of big data, but are unsure of how to effectively implement and manage their existing resource. The study, which interviewed 144 CFOs and CIOs from multinational companies, also discovered a large majority of executives (75%) find it difficult to make decisions around data and analytics (D&A), even though 99% consider it to be important to their business.
"We live in an increasingly data-driven world where D&A has the potential to revolutionize the way we conduct and manage business operations across the entire enterprise," said Mark Toon, CEO of KPMG Capital. "From CEOs, to CFOs, CIOs and CMOs, the challenge for today’s executive is understanding how to draw actionable insights from data and turn them into tangible, genuine results. This report demonstrates not only the hunger to harness new D&A capabilities, but also the greater level of support that’s needed to operationalize these insights."
Additional survey findings included:
• Eighty percent of executives agree speed is a key benefit of using D&A.
• Sixty-nine percent consider D&A to be crucially or very important to their current growth plans.
• While the majority of respondents (56 percent) changed their business strategy to meet the challenges of big data, 42 percent of executives admit integrating data technology into existing systems and/or business models is their greatest challenge.
• More than half of all respondents (54%) identified their greatest barrier to implementing a successful D&A strategy was an inability to identify what data to collect.
• Eighty-five percent consider their biggest challenge with analytics to be implementing the right solution to analyze and interpret data.
KPMG Capital was launched in November 2013 by KPMG International to accelerate innovation in data and analytics services and solutions.
Hershey launches new chocolate spread line
Hershey is launching a new line of chocolate spreads, called Hershey’s Spreads. The spreads will be available in three varieties: Chocolate, Chocolate with Almond and Chocolate with Hazelnut.
"The average American snacks more than two times a day and what better way to transform everyday snacks into delicious treats, than with the genuine chocolate flavor that only Hershey can deliver," Anna Lingeris, spokeswoman, the Hershey Company, said. "We have been delivering genuine chocolate experiences in a variety of forms for 120 years and our legacy as the leader in chocolate continues with Hershey’s Spreads."
The spreads are now available nationwide at food, mass, drug and convenience stores in 13-oz. jars, with a retail price of $3.79. Consumers can visit Hersheys.com/Spreads for pairing ideas and recipes.