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Reuters reports that representatives of both Target and Neiman Marcus told members of the US Senate Judiciary Committee yesterday that "the sophistication of hackers" requires greater "collaboration with banks on anti-theft technology."

"I think what we've learned ... is that just having the tools and technology isn't enough in this day and age," Neiman Marcus Chief Information Officer Michael Kingston said . "These attackers again are very, very sophisticated and they've figured out ways around that."

"All of us need to move together simultaneously. It's a shared responsibility," added Target Chief Financial Officer John Mulligan.

The executives were called before the Senate committee to speak about massive security breaches that recently exposed millions of customers' financial and personal data exposed to hackers.
KC's View:
There is no question that when it comes to cyber-security, there is no such thing as "done." It is going to require constant innovation and investment, because no matter what retailers and bankers do, the bad guys are going to be willing to invest a lot of time and money in breaking through whatever security there is. And it seems clear that these cyber crimes often will be underwritten not just by criminal elements, but also by terrorists and rogue nations with a vested interest in undermining the financial infrastructure of the US.