(NEW YORK) — After being hit by a colossal data breach during the peak holiday shopping season, Target will introduce more secure chip-and-PIN technology for its credit and debit cards by early next year.
The technology is widely used in Europe, but U.S. banks and retailers have been reluctant to introduce more secure cards because of the expense.
In an attempt to re-establish its reputation as a financially safe place to shop, Target has committed $100 million on new technology. Upgraded cash registers are being installed this year in all Target stores.
“Establishing a clear path forward for Target following the data breach has been my top priority,” CEO Gregg Steinhafel said in a statement. “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 DeRodes, a former tech adviser at several federal government departments, will take over next week as Target’s chief information officer.
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Emanuella Grinberg, CNN
Tana Bolinger, FamilyShare
James Hanlon, CNN