As if retailers needed any reminders that their businesses are vulnerable to security breaches, experts at a recent conference warned that Target and P.F. Chang's are just the tip of the iceberg when it comes to credit card fraud.
Blogger Brian Krebs is responsible for breaking many a story about cybercrime, but more than anything he believes that retailers need to fundamentally change the way they respond to breaches.
P.F. Chang's has released a statement following news of a data breach in early June. While the company has not identified the scope or cause of the breach, it has attributed the attack to the work of an organized criminal operation.
The results of a new data security survey of U.S. businesses should not be surprising, but they are certainly alarming. Even though high-profile data breaches such as Target and P.F. Chang's have been in the news since the start of the year, IT executives said their companies' data is not secure.
While retailers and restaurants in the U.S. deal with a flood of card data breaches, hackers have demanded a ransom of 30,000 euros ($40,706) from Domino's Pizza. In a startling move, the hackers demanded the money after stealing personal data on more than 600,000 of the restaurant chain's customers in Belgium and France.
Until security on retail point-of-sale systems becomes pervasive, the data breaches that affected Target late last year and P.F. Chang's just this month will continue, security experts say.
Many banking and security professionals would argue that the P.F. Chang's credit card data breach discovered on June 10 is a reason for quick EMV migration in the U.S. However, others say EMV is not the be-all, end-all for retail fraud.
Online retail sales may be hampered because of online and offline data breaches over the past few months, according to a new survey.
Target has formed a digital advisory group to assist as it tries to fight back from the very damaging data breach and mismanaged Canadian market entry. The Minneapolis-based retailer has enlisted technology executives from outside the traditional retail space to help chart a path along its digital transformation. Pointing to a recent Deloitte study identifying digital interactions with brands as influencing more than $1 trillion in retail sales, Target has declared digital transformation one of its top three priorities. "We need to accelerate our digital transformation and become a leading omnichannel retailer," said interim CEO John Mulligan during a recent earnings call. "To do this, we will move quickly to become more flexible in how we serve our guests, eliminating barriers that prevent them from shopping with us where and when they want." The council consists of four leaders from tech companies: Match.com CEO and OkCupid founder Sam Yagan, Orbitz Worldwide's Roger Liew, Bain Capital Ventures' Ajay Agarwal and Accompani CEO/former Google Analytics lead Amy Chang.
Home improvement retailer Lowe's has sent notifications of a possible data breach that may have compromised the personal information of current and former employees.