Near Black Friday in 2013, many people remember when Target’s systems were hacked into and many people got their personal information stolen. Thi was known as one of the biggest retail hacks in history. Their systems malware programs could not detect the breach which led to many resulting consequences. Within the many affected Target stores, they used a system called “pin-and-chip”. This system prevents scandalous activities from occurring once detected. This system at the time of the incident did not recognize the hacker’s software, therefore resulting in many credit and debit card numbers being stolen. This incident with Target caused their stock market to fall rapidly. It reached a record low of a -2.16% which is equivalent to roughly losing 20 million dollars. With this, many …show more content…
Their revenues decreased rapidly in the following year and they have just began to see an increase in their profits since the data breach. This shows that the brand’s perception fell by the wayside and many people shopped elsewhere. With the cut in profits, they had to lay off a lot of employees because they did not have enough funds to pay all of their employers. Therefore, Target had less personnel due to the data breach. The company did spend a lot of money, however on trying to get their systems back up and running and they tried to get the best security upgrade possible. Within the company, the CISO is the chief information security officer and during this cyberattack the CISO left the company. They hired a new CISO for the position because