@macker490    Good point.   I would imagine that most are using some Microsoft OS somewhere along the chain.  Then the question becomes can a Windows based OS ever be "air tight" ? 

@Marily Cohodas    Honesty I don't think retail is gleaning much from the Chase ordeal.   It is a common fallacy that seems to be running throughout transactional based businesses, the thought that , "Well, We haven't been hacked, so security must be adequate."    I am almost certain that thought crossed the mind of the CIO's at  Target and Chase. 

I think the person at target at least lost their job, how about the "expert" at Chase ? 

@BobWest     Thank you for outlining what the Financial Services can do better and quite frankly it astounds me that this list is as long as it is at this present time.  Online banking and the Net have been around for awhile now and to list things like "Retailers and financial services companies need closer collaboration"| is disturbing.   

It shows that Banks are doing just enough to get "security signed off on" and nothing more.   I question the ability of those entrusted with security overall.   75 million records compromised and we have no one taking responsibility just some delayed trite message from  Chase Legal delivered by their inept CEO.  

Banks want the responsibility of holding your money, well they better improve the ability to safeguard it and our data.   They have more than enough resources to have addressed and settled every point you mention - have they ?  Will they ? 

Don't kid yourself.

1. With respect to consumer transactions, they need to understand the entire supply chain and understand who is involved. During a typical credit or debit card purchase, multiple parties are involved and a comprehensive, collaborative strategy needs to be taken. The Financial Services Sector Coordinating Council, which is made of of senior security and technology members of the financial services community, has been working on this for some time.
2. A comprehensive information sharing environment for the members of the payments supply chain needs to be implemented. Likewise, a good portion of this is underway.
3. Retailers and financial services companies need closer collaboration. The Financial Services Information Sharing and Analysis Center (FS-ISAC) helped retailers implement their own ISAC and the two entities need to be working in concert. This needs to mature over time but the good news is retail companies are much better coordinated now than they were a year ago.
4. They should be using a consistent reference model, such as the NIST cyber security framework, ISO 27000 or a combination. The more consistently this is applied, the more consistently information will be protected across the financial services sector.
5. A comprehensive encryption and key management strategy needs to be created and implemented. Most financial services companies have some aspects of this in place but there needs to be more consistency.