The biggest credit-card heist in history has forced the creation the payment-card industry's to set-up a security-standards-setting group, the PCI Security Standards Council to help steer future card data-protection requirements.
The as yet-unsolved TJX data-breach case is viewed as the biggest card theft ever, with hackers stealing sensitive information related to more than 47 million payment cards.
The 14-member board includes Wal-Mart, as well as several banks including Bank of America and JP Morgan Chase. Bob Russo, general manager of the PCI SSC, says the elected board also will include seven members from the executive committee of the founders of the organization, Visa, MasterCard and American Express.
The payment-card companies that founded PCI SSC have sought to require any business processing credit and debit cards to support the PCI security standard, but they have not been entirely successful.
The elected board includes members from APACS (the UK payments association), Bank of America, British Airways, Chase Paymentech; First Data, JP Morgan Chase, Microsoft, Moneris Solutions, PayPal, Royal Bank of Scotland, Tesco, TSYS Acquiring Solutions, VeriFone and Wal-Mart.