Remember that credit and debit card breach that hit Target last month? You know, the one that impacted 40 million in-store holiday shopping customers and ranked as the second-largest retail data breach in American history?
No? Here’s a refresher.
And guess what … Target’s breach is no longer No. 2 in retail history, it’s No. 1 with a bullet.
According to the company, credit and debt card information for anywhere between 70-110 million customers has been compromised. Not only that, Target revealed that the as-yet-unidentified hacker made off with more information about customers than initially reported.
“I know that it is frustrating for our guests to learn that this information was taken, and we are truly sorry they are having to endure this,” Target’s top executive said in a statement.
The company said its customers would have “zero liability for the cost of any fraudulent charges arising from the breach,” and reiterated its offer to provide one year of free credit monitoring and identity theft protection “to all guests who shopped our U.S. stores.” Shoppers have three months to take advantage of this service (more info here).
Who’s really sorry in all this? Target shareholders. The company confirmed that the breach had an impact on its holiday shopping season, shaving anywhere from 2-6 percent off of its expected sales. Target also announced this week its intention to close eight of its underperforming U.S. stores, although it’s not immediately clear whether those shutterings have anything to do with the breach.
Target has approximately 1,800 stores nationwide and did $72 billion in sales last year, making it the nation’s third largest chain store (behind Walmart and Kroger).
9 comments
I guess the point here is that the much-hallowed “free market” is no more immune from inompetence than the much-maligned government in keeping private data safe.
I have a choice whether I shop at Target or not…I don’t have a choice in getting f@cked by our government on a daily basis.
That’s the point, isn’t it? If Target has you pissed, don’t go back. Try that with the IRS or DMV and see how things work out for you…
I’m mad at fossil fuel production… where do I go to be pissed?
Also, I’m mad at currency, banks and I’m mad at land and global communication!
your choice is to be fucked, and *then* do something.
That’s ALWAYS your choice.
You have a choice. Belize, New Zeland, Russia, China, etc. Try another country if you don’t like this one. I love falling back on the right’s old saw of love it or leave it.
I doubt if this will have any long term consequences for Target,Short term?Yeh a few down quarters.
This time next year?Back to normal.
That’s why you pay cash, people. Cash.
While I don’t condone the criminals that break in to businesses and governments (SC DOR) to steal financial information, at least the customers of Neiman Marcus can afford to have their financial information stolen.
http://www.businessinsider.com/target-hack-2014-1