Retailer's CEO promises "significant changes" to security after - KTIV News 4 Sioux City IA: News, Weather and Sports

Retailer's CEO promises "significant changes" to security after massive data breach


(NBC News) Target's C.E.O. Is promising to make significant security improvements following the data breaches that have impacted shoppers at Target, Neiman Marcus and other retailers.

News of the hacks has spurred growing pressure for new policies that would require better technology to protect the privacy of credit card users.

Speaking exclusively to CNBC for the first time since the massive December data breach, Target C.E.O. Gregg Steinhafel promised to make it right.

"We are committed to make sure we really get to the bottom of all this," Steinhafel said. "Then we are going to apply those insights and those learnings to our business.

Steinhafel says hackers installed a device on Target's registers that remotely stole at least 110 million customers personal information.

Neiman Marcus also announced it was the victim of a similar security breach and other companies may have also been affected.

Now a growing number of people in the retail industry say it's time replace outdated magnetic strips on credit cards with something more secure.

"It's time to move to a computerized magnetic chip embedded in a card and a pin reader. Something that at least in in the 21st century," said Matthew Shay of the National Retail Federation.

Consumer advocate Justin Brookman wants the government to take security one step further.

"I think we should see legislation saying if you use unreasonable security methods you have to pay a fine to the federal trade commission said Brookman.

But in this age of technology, advocates warn consumers using plastic may never be completely protected.

Retailers aren't the only targets of hackers.

A new report from the General Accounting Office, shows the federal agencies experienced more than 22,000 data breaches in 2012.

Click here to sign up for free credit monitoring with Experian's ProtectMyID.

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