Crisis Presentation Outline
Introduction
I. Good afternoon members of the media and our target customers. My name is Spencer Beck and with me is Kaylyn Nese, John Bui and Jennifer Tran. We appreciate the chance to be here to discuss important issues surrounding data breeches and cybercrime. To begin with, I want to say how deeply sorry for the impact this intrusion had on our guest. We know this break in security has shaken their confidence in the Target’s brand and we will work endlessly to restore their trust.
a. At Target, we take our responsibilities to our guest very seriously. This attack has only strengthened our commitment to our guests and their information. We will investigate and learn from this attack so that Target, our industry and more importantly our guest’s well being. I can guarantee that Target’s security system is safer and more secure than ever before.
b.
II. I would like to explain the series of events, as we know them currently. Some aspects of the on going criminal investigation cannot be mentioned at this time per request of The Secret Service and The Department of Justice. The series of events that I will explain come from the written testimony of John Mullican, Executive Vice President and Chief Financial officer of Target, during the Senate committee on Commerce, Science and Transpiration.
a. As you know, Target was infiltrated by malware and resulted with a criminal breach of Target’s security and data systems between the dates of November 27th through December 18th 2013.
b. We know that the intruder stole passwords and other key access information from a vendor. This gave access to our point-of-sale terminals and install malware. The installed malware was designed to capture and store credit and...
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...reach we immediately took action to fixing this problem.
[Transition]
Conclusion
I. Review
II. Call to action
Citations
Privacy in the digital age: preventing Data Breaches and combating cyber crime: Hearing before the Senate Committee on the Judiciary, House of Representatives, (February 4, 2014) (testimony of John Mulligan, executive vice president and chief financial officer of Target) Retrieved from https://corporate.target.com/_media/TargetCorp/global/PDF/Target-SJC-020414.pdf
Protecting personal consumer information form cyber attacks and data breeches: Hearing before the Senate committee on Commerce, Science, & Transportation, House of Representatives, (March 26, 2014) (testimony of John Mulligan, executive vice president and chief financial officer of Target) Retrieved from https://corporate.target.com/_media/TargetCorp/global/PDF/Target-SJC-032614.pdf
The Minneapolis based Target Corporation announced in December that criminals forced their way into the company’s computer system. The data breach compromised 40 million credit and debit card accounts of customers who shopped during the holiday season between November 27 and December 15, 2013. The data captured was far broader than originally imagined as hackers gained access to 70 million customer’s personal information including names, home addresses, telephone numbers, and email addresses. Additionally, expiration dates, debit-card PIN numbers, and the embedded code on the magnetic strip of the card were stolen.
Hacking into large companies or agencies to steal one’s card information has become simple. Lewis (2013) says that, “Hacking is incredibly easy; survey data consistently shows that 80 to 90 percent of successful breaches of corporate networks required only the most basic techniques“(p. 1). On November 27, 2013, Target’s security was breeched when forty million credit and debit cards were stolen. The breach lasted from November 27 to December 15, 2013.
Target is also a company that is built on ethics. With integrity instilled in all of their team members, everyone helps to uphold Target’s great reputation and maintain their morals of honesty and family. Another big part of Target’s company culture is their focus on community service. After working for Target, one is truly able to understand the meaning of giving back. At Target, team members dedicate their volunteer hours to work with schools, nonprofit organizations, charities etc. to make a difference in the world.
Target’s collection and possible sale of private information could go against basic principles of confidentiality since people trust that they are not revealing information that is confidential. One expects that their personal information is protected and not just provided to anyone who is willing to pay for it. At the same time, people expect Target not to be buying influence ...
"Internet Privacy." Congressional Quarterly Researcher 8.41 ( Nov. 6, 1998 ). Busse Library, Cedar Rapids . 6 July 2003 <http://library.cqpress.com/cqresearcher>
Target bank is called the Target National Bank. It is owned by the Target Corporations itself and all the receivables go into Target has approximately 1,600 million dollars worth of lines of credits from twenty five different banks, approximately half the worth of the line is used and is due back for payment June 2005, with an extension all the way up to June 2006. The other half of the payment is due June 2008. The expected long term rate of securities rate for October 31 2004 was 8.5 %.
Target is one of the America’s top retailers, but still has a few things that can be improved upon before it can overtake its top competitor. Although Target may not be the top ranked retailer at the moment, it’s not hard to see why this company has stood the tests of time and continues to thrive today.
Target business is based on big box centers and supercenters, which are not preferred by many shopper who normally like shopping in small convenience store within the neighborhood.
The main one is the established and loved brand name that is well liked by customers. Along with this, Target has the perception of being a fun place to shop that comes with an experience. Unlike Wal-Mart, Target has the ability to position themselves as a middle class, hip and more fashionable store to shoppers of this generation (Target Corporation SWOT Analysis, n.d.). Target’s weaknesses include tis business model based on supercenters and other big box stores which make it more difficult for them to reach shoppers who appreciate the smaller convenient stores. Along with this, they have been unable to change their business model to adapting times (Target Corporation SWOT Analysis, n.d.).
Solove, Daniel J. “5 Myths about Privacy” Washington Post: B3. Jun 16 2013. SIRS. Web. 10
In December 2013, Target was attacked by a cyber-attack due to a data breach. Target is a widely known retailer that has millions of consumers flocking every day to the retailer to partake in the stores wonders. The Target Data Breach is now known as the largest data breach/attack surpassing the TJX data breach in 2007. “The second-biggest attack struck TJX Companies, the parent company of TJMaxx and Marshall’s, which said in 2007 that about 45 million credit cards and debit cards had been compromised.” (Timberg, Yang, & Tsukayama, 2013) The data breach occurred to Target was a strong swift kick to the guts to not only the retailer/corporation, but to employees and consumers. The December 2013 data breach, exposed Target in a way that many would not expect to see and happen to any major retailer/corporation.
The shift to online shopping is where Target has seen some issues. At first, the retailer was shipping orders from their distribution centers that were already focused on processing the shipments for in-store inventories. This resulted in large amounts of stockouts and loss of some loyal customers. They soon found that an exclusive distribution center soley focused on orders made from Target.com was the right option in this growing market. As more and more customers make purchases online and the rise of mobile purchases, Target will soon need to build more advanced and more widespread distribution centers to keep these orders on
According to Schafer (2013), Target Corporation desire is to improve Target Brand and be a better version of Target with an incremental products and services. Target Corporation acquisitions counter any threat from other rival online retailers and allow Target Corporation to cross promote between Target and the new entity strengthening its
LeRoux, Yves. "Privacy concerns in the digital world." 03 Oct 2013. Computer Weekly. 24 April 2014 .
Powell, Robert. "Four Ways Technology Invades Your Privacy." Lovemoney.com. N.p., 5 Oct. 2011. Web. 15 Apr. 2014.