Target Restructures Approach to Cyber Security

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April 30 (Bloomberg) -- Bloomberg’s Megan Hughes reports on Target’s new approach to data security with the hiring of Bob Derodes as the retailer’s new Chief Information officer on Bloomberg Television’s “In The Loop.”

Target?

Class a big job.

This will be a person in charge of long-term strategy when it comes to cyber security and they were looking for a fresh perspective.

Who is this guy?

An interesting strategy shift for target, he has a lot of governing experience.

An advisor for homeland security, department of justice, home is a -- homeland defense.

That is interesting as we see a shift.

He also has a lot of private sector experience.

He works for a big payment processor, which will be important.

Another big box retailer for home depot and city rank.

Information technology surrounding credit cards, which will be very important and a big focus going forward.

The move also signals a change for the ceo of target and how he does his hiring.

The target ceo has more than 30 years of experience at target.

Look at all the executive bios that target, more than 20 years.

What we're seeing here from the ceo is a shift to look outside and look for fresh perspective, specifically when it comes to cyber security.

Class what is the company doing on that front?

Class a couple of big announcements.

One was a personnel change.

They announced a partnership with mastercard and that they would be moving more quickly in the transition from magnetic strip.

You will remember we heard from a cfo who mentions over and over again when he testified at the hearing, saying chip technology would be the way forward.

Switching over the revenues is supposed to happen by september.

Suddenly, their portfolio.

Debit and credit cards, they are switching over.

It is expected to be more difficult for hackers and we are seeing a lot in europe your target will be one of the first retailers moving forward aggressively.

Class what about the shuffling of the deck chairs?

Whose head has rolled in the target breach?

Qwest there have not been any big ones, but the highest level departure we have seen is the person he is the -- he is replacing.

Target tech officer during the breach stepped down last month.

She was not fired.

She had come from inside the company.

We are seeing the shift target for more outside help.

This text has been automatically generated. It may not be 100% accurate.

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