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Print 9 comment(s) - last by marvdmartian.. on May 6 at 7:37 AM

Gregg Steinhafel is the latest and most prominent causality of the data breach

There continues to be fallout from the Target security breach that occurred from November 27 through December 15 of last year. During that time, 40 million Target customers had their credit/debit card information stolen while the personal information (addresses, phone numbers, email addresses) of another 70 million customers was compromised.
 
Detailed reports that followed the breach show that Target was negligent in security protocols and failed to identify numerous warnings signs that its systems were being attacked.


Gregg Steinhafel
 
The latest casualty from the Target scandal is Gregg Steinhafel, who served as Chairman, President and CEO. Target’s board of directors today announced Steinhafel’s resignation, which is effective immediately. While Steinhafel, a 35-year Target veteran, will stay onboard in an “advisory capacity”, CFO John Mulligan will step in as interim President and CEO until a permanent replacement is found.
 
“The board is deeply grateful to Gregg for his significant contributions and outstanding service throughout his notable 35-year career with the company,” said Target’s board of directors in a press release. “We believe his passion for the team and relentless focus on the guest have established Target as a leader in the retail industry.”
 
Beth Jacob, Target’s Chief Information Officer (CIO) during the data breach, resigned back in March. Target announced that Bob DeRodes would replace Jacob, and today marks his first day on the job.

Sources: Target [1], [2]



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Target will suffer financially for that data loss
By tayb on 5/5/2014 11:47:08 AM , Rating: 2
The lawsuits haven't really started to flow yet but that is just because banks, merchants, and citizens are still tallying up the numbers. Target will be sued for billions. And they will settle or lose.

The impending tsunami of lawsuits has a realistic chance of bankrupting the company. They really had no choice here.




By Dr of crap on 5/5/2014 12:30:44 PM , Rating: 3
OK, but has anyone suffered cash losses from this?
I have heard of none.


By Brandon Hill (blog) on 5/5/2014 12:38:03 PM , Rating: 2
Yeah, Target ;)


By retrospooty on 5/5/2014 1:55:53 PM , Rating: 2
LOL... True.

But it has to cost the CC companies alot to replace cards. Mine called me and replaced it 2 months ago because of the Target Breach. Some team of people had to research what cards were use at Target at what date. Customer service had to contact them, and new cards had to be issued. It all costs money. Not billions, but certainly millions.


By Marlin1975 on 5/5/2014 12:55:52 PM , Rating: 2
Yea the card companies and banks themselves. The end users, card holders who buy, have lost nothing but those names on the cards have to back it up.
I would not be surprised that the agreements they have with Mastercard/Visa/AA/Discover say Target will eat any cost that is directly because of them. Let alone banks in the middle that had to do extra work so they will sue to get back the labor/time involved on their end, let alone replacing all those cards at their cost.

There are plenty of plaintiffs, just no the ones most people think of.


By tayb on 5/5/2014 3:13:11 PM , Rating: 2
Someone is going to pay for all the fraudulent transactions, issuing of new cards, contacting customers, canceling old cards, adding fraud alerts, opportunity costs, etc of this whole ordeal. The complexity of adding it all up and determining blame is why it has taken so long. Rest assured no one who suffered cash losses or opportunity losses is going to sit there and take it. No, Target will pay for all of it.


By Arsynic on 5/5/2014 11:17:45 AM , Rating: 3
This is an excellent cautionary tale as to why IT needs to spend five to six figures on that new "security thingamajig".




By Samus on 5/6/2014 3:19:23 AM , Rating: 2
Seriously, at least give IT the necessary budget to separate the POS network from the HVAC network.

For Christ sakes...


By marvdmartian on 5/6/2014 7:37:01 AM , Rating: 2
Fine.....but we'll have to move your connection to a dial-up networking connection....


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