Target is the Target, 2nd Largest Breach in U.S. History

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Target is the most recent American company to suffer a devastating data breach. The initial breach occurred over the Black Friday weekend, which is considered the busiest shopping period of the year. However, recent reports have stated that anyone who shopped at Target from November 27th to December 15th may have had their information stolen. The timing of this breach was brilliant for the culprits due to the millions of people who would be exposed, but beyond terrible for a retailer the size of Target who counts on the November and December holiday rush. This is the second largest credit card breach in U.S. history next to the TJ Maxx breach in 2007, in which 45 millions credit cards were breached costing them $256 million. 

Data from about 40 million credit cards and debit cards were stolen through Target’s magnetic strips. Target is the #2 discount chain in America; however, their direct competitors (Wal-Mart, K-Mart, and Costco) stand to gain many of their customers due to their recent breach. While Target has stated that the breach did not affect online shoppers, customers and potential victims are voicing their frustrations through social media platforms. Anyone who has shopped at Target in the time frame state above and noticed suspicious charges should notify their credit card company, and despite customers failed attempts at reaching the their call center, call Target at 1-866-852-8680.

Target is a major U.S. Corporation with 1,800 stores and $73 billion reported revenue in 2012. They will survive this breach. However, just imagine how sophisticated their security measurements are and the fact that they were still successfully attacked. Cyber liability insurance is available for not just large corporations like Target, but for small to medium size businesses as well. Cyber liability can help thwart such an attack, and can be the difference in you and your business surviving a devastating breach. If you have any questions or comments on how cyber liability can benefit your business please don’t hesitate to leave a comment or send me an email.

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