Target Corp. confirms that the December breach that affected 40 million credit and debit cards, along with personal information on up to 70 million customers, had a major impact on the company's earnings in the fourth quarter of 2013.
Lawsuits that card issuers have filed against Target to help recoup expenses associated with the retailer's breach aren't likely to reap big rewards, two legal experts say. But they are sending a strong message.
A law firm has developed a free iPhone app, Data Breach 411, to help organizations with breach notification compliance. The app provides links to 46 state data breach notification laws, relevant federal statutes and other resources.
At a Feb. 4 Senate hearing, a senior executive from Target Corp. endorsed a shift to chip cards, combined with PINs, to enhance security, while a Neiman Marcus executive questioned if that was a prudent move.
The latest data breach notification bill comes from the Senate Commerce Committee, whose chairman Jay Rockefeller says the recent string of retailer breaches means companies need to do a better job protecting their customers' information.
In light of recent high-profile retail breaches, The Financial Services Roundtable is asking Congress to pass a national data breach notification law and expand oversight of the retail and telecommunications sectors.
Undeterred, two senators will try again to get their colleagues to enact legislation that they contend would better safeguard sensitive information and notify consumers of a data breach when personally identifiable information is exposed.
UK-based insurance firm Staysure has notified more than 93,000 customers that their personal information, including encrypted payment card details, were compromised following a cyber-attack against its systems in October 2013.