Contrary to earlier reports, customers’ encrypted pin data was compromised during the breach of credit cards and debit cards belonging to customers who shopped at Target between November 29 and December 15, 2013. So, if you are one of the lucky ones that used a debit card at Target during the three weeks that has amounted to the second largest data breach of credit and debit cards ever, guess what… the thieves may have access to your bank account.
Such an enormous breach involving so many individuals and financial institutions could lead to years of misery for Target. Target has already dumped an obscene amount of resources into cleaning up this mess, but don’t be surprised if the agony for Target is just beginning to unwind. There are already 24 federal class action lawsuits that have been filed against Target in the 11 days since the breach was announced. And, you better believe, more are on the way. The unique disadvantage for Target in these cases is the type of damages that can, and will be, alleged. When considering cybersecurity issues, some courts have found that the damages claimed by plaintiffs are too speculative to warrant recovery. This data breach, however, is loaded with evidentiary support. Consequently, the likely question regarding damages will not be if, it will be: how much?
Stay tuned to the McDonald Hopkins Business Advocate for more updates as they continue to roll in on this monumental data breach. Click below to see our earlier blog posts regarding the Target data breach: