If you understand how credit data (or any other data) is accessed in a data center, you would understand that that it it is very elementary for someone in the data center to copy that data and use it for nefarious purposes.
There is no CHIP in a data center, it is just the data.
The data may be encrypted (or it may not be encrypted), but at some point the data is decrypted for processing. It is at this point that the data can be captured. Data security departments monitor access to data, but there are things that they cannot catch. Many times data access is discovered after it has happened when it is too late.
I have worked in such data centers and I have seen this. I once had a storage dump in my house from one of the largest Mastercard processors (well, the largest) in the United States for problem determination. It had CC numbers, names, addresses, etc., and all credit card info all in plain text if you can read hexadecimal, which is not difficult for somebody who knows what they are doing (which I do).
The risk is getting caught. I thought about returning this 12 inch stack of paper to the bank, and after I thought further, I decided that it would be better for me to take it to my employer's office for secure shredding, thinking that the person at the bank who allowed me to take this information out of the bank might get in trouble if I brought this stack of paper back to the bank.
The CHIP protects you at the point of sale, and not beyond. Most of the very large data breaches occur beyond the point of sale.