The announcement this month that as many as 40 million Target customers may have had their credit and debit account information stolen emphasizes the need for businesses to maintain strong cyber security.
Target revealed that between Nov. 27 and Dec. 15, credit and debit card numbers, customer names, card expiration dates and three-digit security codes were all taken when the company’s database was hacked.
While banks, card-issuing financial companies and law enforcement agencies were notified right away, customers did not learn of the breach until Dec. 19. The timeframe of the data theft – the day after Thanksgiving through mid-December – is one of the busiest shopping seasons of the year.
A knowledge of cyber security issues is important for business leaders and those attending school to earn a business degree. Over the last several years, government, financial, media and retail outlets have all come under attack from cyber criminals.
Cyber security threats are an ever-moving target, as criminals learn new methods of hacking systems. Cyber security experts must work hard to keep up with new methods of attack.
Target officials said they have contacted a third-party company to analyze the attack and determine the best way to defend against any future attacks of a similar nature.
“Target’s first priority is preserving the trust of our guests and we have moved swiftly to address this issue, so guests can shop with confidence. We regret any inconvenience this may cause,” Target CEO Gregg Steinhafel said in a statement.
In a press release on its site, Target advices customers to monitor their credit card statements closely and check free credit reports. “If you discover any suspicious or unusual activity on your accounts or suspect fraud, be sure to report it immediately to your financial institutions,” the release said.
The release also assured customers that the leak had been addressed and that no more data was being taken. Target also vowed to continue “to invest” in cyber security practices, including hiring a third party cyber forensics team to investigate the incident.
The theft does not affect those who shopped on Target.com or those who shopped at Target stores outside the United States.
