Fashion Law: Hackers’ Big Data Breach Operation On Target Superstore
In today’s Fashion Law column, we are examining Target’s big data breach and wondering what they could have done to prevented this recent breach of privacy to nearly 40 million shoppers.
Target’s security breach has impacted nearly 40 million credit card and debit card users. The breach reportedly occurred between November 27th and December 15th, although the time frame is still expanding. Three class actions have been filed against Target Corporate while the Attorney Generals in several states continue to look further into information on the breach.
Security Blogger, Brian Krebs, wrote that the stolen data “allows crooks to create counterfeit cards by encoding the information onto any card with a magnetic stripe. If the thieves also were able to intercept PIN data for debit transactions, they would theoretically be able to reproduce stolen debit cards and use them to withdraw cash from ATMs.”
State and civilians are currently looking into whether Target was in any way negligent with its security practices, and we wonder the same.
The stolen credit and debit cards are being sold on underground black markets. The price for the cards ranges from $20 – $140 per card. The cards being sold also included non-U.S. bank issued cards.
In response to the breach, Target has offered a hotline and website to consult with those who may have been affected by the security breach. Target also offered a 10% employee discount to consumers.
William Pelgrin, President and CEO of the Center for Internet Security advised, “The key is to identify weaknesses and mitigate those weaknesses to prevent a recurrence of a data breach.”
So what should you do if you are concerned that the security breach has affected you? Go to Target’s website for more information, and check your credit card and bank statements.