Target Invests $100M in Data Security
Following the data breach announcement and the rapid change in the pace of sales, the Target team reacted quickly making nimble adjustments to minimize its excess inventory. This quick response allowed the retailer to end the year with a clean inventory position.
Moving forward, Target is taking the appropriate steps to reconcile the data breach with its customers. First, it is conducting an end-to-end forensic investigation of processes, systems and personnel to make informed decisions on potential security enhancements. Second, it is accelerating the adoption of advanced chip-enabled technology, investing more than $100 million to equip its stores and to issue Target branded smart chip credit and debit cards.
"We have long supported this more secured technology; a broad adoption in the U.S market has been elusive," said Gregg Steinhafel, Target president and CEO. "We believe that recent events will help the industry to reach a tipping point to an accelerated option in the U.S and we are investing to ensure that Target is a clear leader in driving this change."
The retailer working collaboratively with a broad set of stakeholders in the payment card space including banks, retailers, trade associations, payment processors and networks to share in advance best practices and foster future innovation.
To become an active leader in retail industry, cyber security and data privacy initiative, Target will invest $5 million in a new coalition with the Better Business Bureau, National Cyber Security Alliance and the National Cyber Forensics and Training Alliance to advance public education around cyber security and the dangers of consumer scams.
While 2013 will be remembered as a challenging year, Steinhafel is proud of the team's efforts to transform its business and position the company for long-term success. "I want to sincerely thank the Target team for their tireless effort to help our guests recover from the data breach," he continued. "While there is much more work to be done, I'm inspired by their singular focus on our guests and making things right. As a result, I'm confident we will look back on this incident and see that we emerged from it even stronger than before."
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Target Identifies Suspects, Security Breaches Become Growing Concern
Moving forward, Target is taking the appropriate steps to reconcile the data breach with its customers. First, it is conducting an end-to-end forensic investigation of processes, systems and personnel to make informed decisions on potential security enhancements. Second, it is accelerating the adoption of advanced chip-enabled technology, investing more than $100 million to equip its stores and to issue Target branded smart chip credit and debit cards.
"We have long supported this more secured technology; a broad adoption in the U.S market has been elusive," said Gregg Steinhafel, Target president and CEO. "We believe that recent events will help the industry to reach a tipping point to an accelerated option in the U.S and we are investing to ensure that Target is a clear leader in driving this change."
The retailer working collaboratively with a broad set of stakeholders in the payment card space including banks, retailers, trade associations, payment processors and networks to share in advance best practices and foster future innovation.
To become an active leader in retail industry, cyber security and data privacy initiative, Target will invest $5 million in a new coalition with the Better Business Bureau, National Cyber Security Alliance and the National Cyber Forensics and Training Alliance to advance public education around cyber security and the dangers of consumer scams.
While 2013 will be remembered as a challenging year, Steinhafel is proud of the team's efforts to transform its business and position the company for long-term success. "I want to sincerely thank the Target team for their tireless effort to help our guests recover from the data breach," he continued. "While there is much more work to be done, I'm inspired by their singular focus on our guests and making things right. As a result, I'm confident we will look back on this incident and see that we emerged from it even stronger than before."
For related content:
The Reality Behind the Target Data Breach and EMV
The Target of a Phishing Scandal
Target HVAC Systems Linked to Security Faux Pas
Huge Criminal Profits Are Being Made from Retail POS Says FBI
Target Identifies Suspects, Security Breaches Become Growing Concern