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The answer seems to be: sort of, a little, but not a whole lot, according to Jerry Irvine, who is a member of the U.S. Chamber of Commerce Cybersecurity Leadership Council and CIO of Chicago-based Prescient Solutions. More security theater? It sounds that way when Jerry starts reeling off the kinds of attacks the new cards will do nothing to prevent. Even so, October 1 is the date after which merchants are supposed to be liable for fraudulent purchases made with old-style cards, and are supposed to have point of sale terminals that accept "chip and PIN" cards.

Hugh Pickens writes "For years lawmakers had heard warnings about holes in corporate and government systems that imperil U.S. economic and national security. Now Ward Carroll writes that in the face of what most experts label as a potential 'Cyber Pearl Harbor' threat, Republicans have stalled the Cybersecurity Act of 2012 with a Senate vote of 51–47 against the legislation. This drew a quick response from the staff of Secretary of Defense Leon Panetta: 'The U.S. defense strategy calls for greater investments in cybersecurity measures, and we will continue to explore ways to defend the nation against cyber threats,' says DoD spokesman George Little. 'If the Congress neglects to address this security problem urgently, the consequences could be devastating.' Many Senate Republicans took their cues from the U.S. Chamber of Commerce and businesses that framed the debate not as a matter of national security, but rather as a battle between free enterprise and an overreaching government. They wanted to let companies determine whether it would be more cost effective — absent liability laws around cyber attacks — to invest in the hardware, software, and manpower required to effectively prevent cyber attacks, or to simply weather attacks and fix what breaks afterwards. 'Until someone can argue both the national security and the economic parts of it, you're going to have these dividing forces,' says Melissa Hathaway, a White House cyber official in the Bush and Obama administrations. 'Most likely, big industry is going to win because at the end of the day our economy is still in trouble.'"

Steve writes, "In a key step to help businesses better understand and protect themselves against the risks of fraud, Visa USA and the U.S. Chamber of Commerce announced the five leading causes of data breaches and offered specific prevention strategies. The report states that the most common cause of data compromise is a merchant's or a service provider's encoding of sensitive information on the card's magnetic stripe in violation of the PCI Data Security Standard. The other four are related to IT security, which can be improved simply by following common-sense guidelines." Here is the report on the U.S. Chamber of Commerce site (PDF).