Target CFO Reveals New Information about Credit Card Breach
John Mulligan, Chief Financial Officer at Target, spoke before the Senate Commerce Committee last Wednesday to answer questions about the company’s massive credit card breach. In his testimony, Mulligan provided new insight into the breach and the work going into preventing future problems.
Mulligan’s testimony began with an anticipated apology: “Let me reiterate how deeply sorry we are for the impact this incident has had on our guests—your constituents.”
He stated that their new research indicates the issues began on November 12, 2013.
“We now believe that some intruder activity was detected by our computer security systems, logged and surfaced to the SOC and evaluated by our security professionals. With the benefit of hindsight and new information, we are now asking hard questions regarding the judgments that were made at that time.”
According to Target’s latest research, there may only be a total of 98 million people affected by the breach, rather than the reported 110 million.
“The breach affected two types of data: payment card data, which affected approximately 40 million guests, and certain personal data, which affected up to 70 million guests,” said Mulligan.
He said there was an overlap of approximately 12 million people between those two groups.
Mulligan went on to describe the different steps Target is taking to prevent hacks in the future. The company is investing $100 million in beefing up its security, and they are accepting full responsibility for any fraudulent charges that occur on their customers’ accounts.
Target is now reaching out to other businesses to provide better security across the board.
“Protecting American consumers is a shared responsibility and requires a collective and coordinated response. Target remains committed to being part of the solution.”