Inside This Issue - News
Data breach creates new issues for Target
March 31st, 2014
MINNEAPOLIS – Target Corp. continues to expand the list of risks it faces from last year’s cyber theft of customer data.
Officials say the company’s own investigation may identify more stolen data, a prospect that "could materially worsen the losses and reputational damage we have experienced."
Target adds that it expects to be accused by payment card companies of operating a substandard data network. In a 10-K filing sent to federal securities regulators, the retailer said its financial liability depends in part on whether courts and juries find that its payment card system at the time of the attack complied with industry standards.
Target is facing dozens of lawsuits and investigations from the data breach. Hackers in late November accessed Target’s computer system and spent two weeks scraping payment card data on as many as 110 million customers before the company curtailed their access after being told of the breach by federal investigators.