Discussion: Target CEO's ouster may change other execs' views on security

Brandan Brandan Blevins, News Writer Profile: Brandan
Experts say the resignation of Target CEO Gregg Steinhafel shows that executives at other companies must now take security seriously – or else.

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  • pRobinson1
    If our efforts to protect the security of personal information about our guests and team members are unsuccessful, we could be subject to costly government enforcement actions and private litigation and our reputation could suffer.

    The nature of our business involves the receipt and storage of personal information about our guests and team members. We have a program in place to detect and respond to data security incidents. To date, all incidents we have experienced have been insignificant. If we experience a significant data security breach or fail to detect and appropriately respond to a significant data security breach, we could be exposed to government enforcement actions and private litigation. In addition, our guests could lose confidence in our ability to protect their personal information, which could cause them to discontinue usage of REDcards, decline to use our pharmacy services, or stop shopping with us altogether. The loss of confidence from a significant data security breach involving team members could hurt our reputation, cause team member recruiting and retention challenges, increase our labor costs and affect how we operate our business.

    - Target Corporation, 2012 Securities and Exchange Commission Form 10-K, Page 7
    100 pointsBadges:
  • pRobinson1
    "The sky is almost the limit," said Kindervag, in attempting to quantify how much Target will have to spend to repair the damage caused by the breach. "They're going to spend orders of magnitude more than they would have spent by doing the right things up front."

    Just like BP after the Deepwater Horizon disaster. They could have spent about a million or two million dollars to prevent the spill, but BP has a habit of not spending money on safety, and as a result it cost BP 35 billion dollars to not spend the one or two million in the first place.
    100 pointsBadges:
  • GuyFuller
    Judgement day has arrived. Booting the CIO was the thing to do in the past, now punishment will be shared across the C-Suite.

    CCO (Chief Compliance Officer)
    CEO (Chief Executive Officer)
    CIO (Chief Information Officer)
    CFO (Chief Financial Officer)
    CKO (Chief Knowledge Officer)
    CSO (Chief Security Officer)
    CDO (Chief Data Officer)
    CVO (Chief Visionary Officer)
    CPIO (Chief Process and Innovation Officer)
    CMO (Chief Marketing Officer)

    If its proven that CFO's didn't loosen the purse strings for security enhancements and a significant breach occurs, say goodnight.

    If the CTO, CSO didn't sound the technology alarm bell, say goodnight.

    Ladies and Gentlemen, this is now a shared corporate responsibility, its just that serious.
    80 pointsBadges:
  • Genderhayes
    Made this decision in an effort to recapture consumer confidence following the security breach
    10,050 pointsBadges:

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