Customer Data Compromised At Target Corporation (NYSE:TGT)

Posted by Nathan Alexander December 19, 2013 0 Comment 1266 views

Target Corporation (NYSE:TGT) is an $40.17 billion  market capped discount retailer  and is one of the key players among the chain store retailing community in U.S.  During trading yesterday the stock of this retailer ballooned by a big 3.08 percent. But this good news for the company executive on the business front lost its charm when it became public knowledge that during the week of Thanksgiving, the retailer had suffered a major data breach which had resulted in millions of records of sensitive privately recognizable information of its customers had been compromised.

Thanksgiving Shock

Target Corporation (NYSE:TGT) in its public admission about the loss of data has revealed that close to 40 million records of credit and debit card account holders who had shopped in any of its more than 1900 stores could be the impacted parties in this embarrassing episode. This incident has been time stamped between the Thanksgiving Weekend and end of last week.

Once the seriousness of the breach became apparent, the management of Target Corporation (NYSE:TGT) had no option left but to reach out to statutory authorities and regulators seeking help and support in dealing with the situation appropriately. It has also parallel initiated a post-mortem of the entire data breach occurrences and has brought in third party security experts to help in fixing the identified loop holes.

Mounts A Rear Guard Action

It has also kicked of a major exercise to reach out to the customers who it thinks have been impacted and has set up numerous toll free numbers through which its customers who are impacted can reach out to them for help. Spelling out the priority the retailer is placing on regaining trust of its customers, Target Corporation (NYSE:TGT) CEO Gregg Steinhafel has been quoted as saying, “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

About Nathan Alexander

Nathan Alexander holds bachelor’s degrees in Journalism and European Studies from Boston University. Nathan reports round up the day’s business and financial market news and include keynote interviews with major business players and updates on Asian, European and US stock markets. He has interviewed heads of leading European banking institutions such as European Central Bank President Jean-Claude Trichet and HSBC Chairman Stephen Green, and CEOs from the business world including Microsoft founder Bill Gates, Virgin Chairman Sir Richard Branson and former Porsche President and CEO Dr Wendelin Wiedeking.

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