It’s not just the scale of the breach – Target themselves estimate that 40 Million payment card numbers have been stolen, along with 70 Million customers’ personal information – that makes this such a significant event.
It isn’t even the eye-watering potential repercussions that may ensue from this (stolen payment cards sell for between $20 and $100 – that’s because in the right (wrong?) hands, a card can be cloned many times and, if used in a disciplined operation, can net $1000’s).
Numerous Class Action lawsuits are being filed by banks and customers for consequential losses – it costs a bank around $5 to provide a replacement payment card as a pre-emptive action but fraudulent transactions could cost much more. But it’s the fact that America’s 3rd largest retailer can seemingly be turned over in such a spectacular manner.
The natural assumption is that all leading retail organizations would be well protected, with substantial security measures in place. However, reports suggest the breach has been perpetrated using what appears to have been a pretty well-understood attack strategy.
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