Slightly longer answer: it depends on whether they have access to the encryption key, or to a machine that contains the encryption key.
In case you have no idea what I’m talking about: there was recently a massive credit card breach at Target. If you’re like many people you probably heard about this three times. First in the news, then again in your email when Target notified you that you were a victim, and finally a third time when you checked your credit card bill. Not a proud day for our nation’s retailers.
The news got a bit messier today when Target announced the thieves had also managed to get their hands on the PIN numbers of unfortunate debit card customers. But this time there’s a silver lining: according to Target, the PIN data was encrypted under a key the hackers don’t have.