The Target breach has impacted countless millions (now over 100 million and counting) but the headaches for Target are just getting started. The untold inconvenience to customers is mounting.
Yet, Target (and now Neiman Marcus and soon more to come) are victims too. They have been diligent in their efforts to have a defense in depth strategy. "Detect and defend” is the industry norm working to balance ‘threat’ risk to ‘business’ risk. They have spent millions on the PCI standard to limit their exposure, and to have this happen to them they must be asking “How can this happen to us? We spent millions on PCI certification from a reputable vendor, and this still happened to us! How?”
At Cylance, we believe in REAL prevention. Stopping the execution of malware before it can even initiate. We have over 500 years of combined experience in the security field as thought leaders, practitioners, developers and expert consultants . This is significant considering the cybersecurity industry really is only about 20 years old (looking back to the early 90’s with the first antivirus products and firewalls). When looking at numbers - they matter! Both for the companies trying to defend themselves and the security vendors who attempt to protect them.
Thus, let’s take a look at the metrics that go beyond brand impact, customer trust, and general inconvenience. Let’s look at how companies are impacted…and this is not specific to retailers.
Target originally reported 40 million accounts that were compromised, which has since been revised to 100 million:
If 100 Million people were affected - just for Target potentially that’s a $200 BILLION impact. This is not all stock price valuation. Humans, and particularly Americans have a short term memory and generally love to gamble. Thus, Target stock will be bought on the dip and held until people forget.
Also, while some organizations benefit (i.e. the plastic manufacturers, middlemen, and others who sell cards to the financial institutions, some security vendors), this has a tremendous negative impact to victimized organization and its downstream individuals.
Let’s look at a few other impacts Target is going to have to make:
Other non-financial impacts that become difficult to quantify:
This paints a bigger picture of cybersecurity and why it is so important to prevent rather than to respond to threats. At Cylance, we know the industry is riddled with technology and processes that are necessary, but unfortunately all too insufficient for today’s threats.
Other resources you can check out yourselves:
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