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Target's breach comes at the height of the holiday shopping season and threatens to scare away shoppers worried about the safety of their personal data. The November and December period accounts for 20 percent, on average, of total retail industry sales.
Litan said she doubts the breach will have much of an effect on Target's sales, noting that TJX launched sales promotions immediately following the news of its breach. The promotions increased sales.
Even if Target shoppers haven't noticed suspicious activity on their credit card accounts, a Target spokeswoman said, "we encourage everyone to be vigilant."
Target Corp. advised customers to check their statements carefully. Those who see suspicious charges on the cards should report it to their credit card companies and call Target at 866 852 8680. Cases of identity theft can also be reported to law enforcement or the Federal Trade Commission.
An even larger hack hit Sony in 2011. It had to rebuild trust among PlayStation Network gamers after hackers compromised personal information including credit card data on more than 100 million user accounts.
The company said during its earnings call in November that as of October some 20 percent of store customers have the Target branded cards. This holiday season, Target added other incentives to use its cards.
"This is how Target is getting more customers in the stores," said Brian Sozzi, CEO and Chief Equities Strategist. "It's telling people to use the card. It's been a big win. If they lose that trust, that person goes to Wal Mart."
Target confirms credit card data breach may have involved 40M accounts
The incident is particularly troublesome for Target because it has used its branded credit and debit cards as a marketing tool to lure shoppers with a 5 percent discount.
27 and Dec. 15 may have had their accounts exposed. The stolen data includes customer names, credit and debit card numbers, card expiration dates and the three digit security codes located on the backs of cards.
Target says about 40 million credit and debit card accounts may be affected by a data breach that occurred just as the holiday shopping season shifted into high gear. stores between Nov. Skechers Ankle Boots Uk
As a result of these incentives, households that activate a Target branded card have increased their spending at the store by about 50 percent on average, the company said.
In Wednesday morning's trading, Target's stock dipped $1.15, or 1.8 percent, to $62.40.
Target is just Skechers Trainers
Litan noted that companies like Target spend millions of dollars each year on credit card security measures. Given the company's heavy security, Litan said she believes the theft may have been an inside job.
At TJX, for at least 17 months, one or more intruders had free rein inside TJX's computers. Without anyone noticing, one or more intruders installed code on the discount retailer's systems to methodically unearth, collect and transmit account data from the millions Skechers Ez Flex 2 Flighty Women's Ballet Flats
the latest retailer to be hit with a data breach. Maxx and Marshall's, had a breach that began in July 2005 that exposed at least 45.7 million credit and debit cards to possible Mbt Shoes Best Price fraud. The breach wasn't detected until December 2006. In June 2009 TJX agreed to pay $9.75 million in a settlement with multiple states related to the massive data theft but stressed at the time that it firmly believed it did not violate any consumer protection or data security laws.
Greg Melich, an analyst at ISI International Strategy Investment Group, wrote in a note published Thursday that Target's most important goal should be to maintain "customer trust and therefore longer term loyalty."
of credit card and debit cards.
"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," Chairman, President and CEO Gregg Steinhafel said in a statement Thursday. The company said it is putting all "appropriate resources" toward the issue.
"The fact this breach can happen with all of their security in place is really alarming," said Avivah Litan, a security analyst with Gartner Research.
Target hasn't disclosed exactly how the data breach occurred, but said it has fixed the problem and credit card holders can continue shopping at its stores. stores and 124 in Canada.
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