It’s outrageous, of course, that these companies (which, lets face it, make a lot of money on our business) left our data vulnerable. (It reaches many corners of the world, too a South Korean credit bureau acknowledged earlier this year that it had allowed unauthorized access to 100 million accounts.) The hacks we’ve heard about in the last six months affect retailers in every corner of our economy - from Neiman Marcus to Michael’s craft stores. It sounds counterintuitive, but it’s true. While the breach definitely hurt some consumers, the rest of us are actually better off. Profits at the chain plunged during the Christmas shopping season. Direct costs are said to be $60 million - just as of Feb. The breach has cost the company an enormous amount of money.
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A week later, we saw why Bloomberg Businessweek reported that the company had the forethought to install some state-of-the-art anti-hacker software the year before the theft.Īnd then the company completely ignored the software’s warnings.
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In early March, the company’s chief information officer resigned. Using those credentials, the hackers got a piece of malware into Target’s system that grabbed credit card numbers right at the register. Then we learned that it was more than credit card numbers the hackers had made off with the names, addresses, phone numbers and email addresses of more than 70 million additional customers!Īs the weeks went on, we found out that the hackers had stolen credentials from an employee at an air conditioning company Target contracted. Hackers snatched the credit card numbers of some 40 million Target shoppers.
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If you recall, over Thanksgiving weekend the huge retailer got “pwned,” as the hackers say, in one of the biggest data thefts in history. Every week or two, we learn something new about the horrific data breach Target suffered late last year.