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Financial data breaches in the U.S. retail economy: Restoring confidence in information technology security standards

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  • Hemphill, Thomas A.
  • Longstreet, Phil

Abstract

Managing effective security of personal customer data located in computer networks has become a strategic business and public policy issue for the U.S. retail sector. The article discusses the global credit card payment industry self-regulation regime established by the Payment Card Industry Security Standards Council (“Council”) to combat cybercrime, comparing and evaluating the Council's existing standards regime to the theory and practices found in the industry self-regulation literature. A review of national cybercrime trends in both the volume and financial impacts (“losses”) of electronic financial record breaches on the U.S. retail sector is presented. After identifying the primary areas of retail electronic records breach vulnerability, an improved industry standards framework is developed that proposes to enhance security and minimize data privacy compromises through the adoption of recommended pure industry self-regulation (improved “security standard”) and market force mechanisms (mandatory “cyber liability insurance coverage”). The article concludes with a discussion of the implementation of the proposed industry self-regulation and market force framework; its current limitations; and what technology advancements may bring in the future to provide more effective security and protection for consumers' personal data and financial transactions.

Suggested Citation

  • Hemphill, Thomas A. & Longstreet, Phil, 2016. "Financial data breaches in the U.S. retail economy: Restoring confidence in information technology security standards," Technology in Society, Elsevier, vol. 44(C), pages 30-38.
    • Handle: RePEc:eee:teinso:v:44:y:2016:i:c:p:30-38
    DOI: 10.1016/j.techsoc.2015.11.007
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    Citations

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    Cited by:

    1. Hamed Taherdoost, 2022. "Understanding Cybersecurity Frameworks and Information Security Standards—A Review and Comprehensive Overview," Post-Print hal-03741855, HAL.
    2. Buhmann, Alexander & Maltseva, Kateryna & Fieseler, Christian & Fleck, Matthes, 2021. "Muzzling social media: The adverse effects of moderating stakeholder conversations online," Technology in Society, Elsevier, vol. 64(C).
    3. Foecking, Nico & Wang, Mei & Huynh, Toan Luu Duc, 2021. "How do investors react to the data breaches news? Empirical evidence from Facebook Inc. during the years 2016–2019," Technology in Society, Elsevier, vol. 67(C).
    4. Straub, Jeremy, 2021. "Defining, evaluating, preparing for and responding to a cyber Pearl Harbor," Technology in Society, Elsevier, vol. 65(C).
    5. Liyanaarachchi, Gajendra, 2021. "Managing privacy paradox through national culture: Reshaping online retailing strategy," Journal of Retailing and Consumer Services, Elsevier, vol. 60(C).
    6. Uddin, Mohammad Rajib & Akter, Shahriar & Lee, Wai Jin Thomas, 2024. "Developing a data breach protection capability framework in retailing," International Journal of Production Economics, Elsevier, vol. 271(C).
    7. Hamed Taherdoost, 2022. "Understanding Cybersecurity Frameworks and Information Security Standards—A Review and Comprehensive Overview," Post-Print hal-03741854, HAL.
    8. Blažič, Borka Jerman, 2021. "The cybersecurity labour shortage in Europe: Moving to a new concept for education and training," Technology in Society, Elsevier, vol. 67(C).

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