Security Breach Of Banking Industry And Retail Business

A direct cyberattack in 2014 to JPMorgan Chase caused a compromised of accounts effecting a total of 76 million households and seven million small businesses. We are clearly, in times when consumer confidence in the digital operations of corporate America is on shaky ground. In directly, banking is taking the brunt of the fallout but major stores also have breaches which of course are directly related to their financial data. Store like, Target, Home Depot and a number of other retailers have experienced major data breaches. 40 million cardholders and 70 million others were compromised at Target alone in 2013 and an attack at Home Depot in September, 2013 affected 56 million cardholders.

During the last Christmas season, Target announced that their data security was breached. According to David Lazarus in Los Angeles Times, Target stated that roughly 110 million customers’ information was illegally taken from their database. The information included their credit/debit card info, phone numbers, and email addresses. Target is one of the most popular grocery stores in the U.S.; they have a substantial amount of consumers. Because of this incident, consumers' trusts for the store have been decreasing. Worrying about losing its customers, the company offered a free year of credit monitoring and identity-theft protection, so the customers will feel more secure. Not only Target, some other large retailers also faced the same issues. They want their customers to trust that the companies can protect private data. However, should we not worry? Data breaches have been going on for about a decade, but we have not seriously thought about the issue. In order to protect people’s privacy, the federal government should make new laws concerning companies’ handling of customer information.

During the dates of November 27 through December 2013, the department store Target experienced a data breach in which approximately 40 million customers credit and debit cards were exposed. During this breach, customer’s personal information may have also been exposed for use of possible fraud. January 2014, Target

During the dates of November 27 through December 2013, the department store Target experienced a data breach in which approximately 40 million customers credit and debit cards were exposed. During this breach, customer’s personal information may have also been exposed for use of possible fraud. January

In the middle of the holiday season, Target shoppers were knocked off their feet with the news that in December 2013 that 40 million Target credit card numbers had been stolen (Krebs, 2013f) by someone accessing Target’s data on their point of sale (POS) systems (Krebs, 2014b). To make matters worst Target later revised their number to include the private data for 70 million of their customers (Target, 2014). The breach took place period of November 27 through December 15th 2013 (Clark, 2014). Target had gotten taken for over 11 GB of their data that had been stolen (Poulin, 2014). Target did not catch their internal alerts and was informed about the breach when they were contacted by the Department of Justice (Riley, Elgin,

(April 2015) today our financial and personal information is everywhere. It is in our phones for mobile payments, in our wallets on our credit cards and in the data centers and clouds of the companies and third parties that complete transactions on our behalf. With so much personal information—quite literally—floating around various access points, it has never been more lucrative or easy for cyber-criminals to access and mine private information to sell on the black market.The Target data breach at the end of 2013, which affected the card payment information of more than 40 million shoppers and the personal data of almost 70 million consumers, kick-started a continuous barrage of point-of-sale (POS) attacks affecting consumers, businesses and banks throughout 2014. Between the breaches at Dairy Queen, Home Depot and Neiman Marcus, it seemed like cyber-criminals were always one step ahead of the game, using malware and card-skimming techniques to gain access to confidential

There are many ways to help prevent breaches such as the Home Depot and the similar Target breach. Most retailers these days have multiple locations possibly in two or more countries like The Home Depot. Because of this the retailers need to know exactly where the business of the organization is being conducted. These organizations need to take the extra steps and know where the customer data is at all times especially payment information. They need to keep track of how it is being accessed and how it is being secured. Tom Bain, who is a senior vice president at a company called Security CounterTack, says “Retailers need to get a better grasp on who is being granted access to their networks and why” (Vijayan). Home Depot failed to do this on a daily basis and this is why the breach was so extensive. People do not know the reason as to why the company did not check these daily logs for payment information but this is the reason that they had such a big breach on their payment systems.

In December 2013, Target announced that massive amounts of credit and debit card information they collected over the years might be in the danger of theft. The credit card breach could affect as many as 70 million customers who swept cards in the retail stores or linked their cards with the membership card, the RedCard. Each card information contains a card number, holder’s name, address, phone number and etc. The more information the thieves got, the more conveniently the thieves could use them to get benefits from the card holders. Jia Lynn Yang and Amrita Jayakumar, the authors of “Target says up to 70 million more customers were hit by December data breach”, write about how bad people will use customers’ information to crime. These thieves possibly shop online by inserting the card information. They could also contact with the victims to gather more sensitive information, and even hack into their computers. This event forces us to seriously consider the crisis in how retails protect customers’ data (Yang &

In today’s digital world, most Americans leave long electronic trails of private information wherever they go. But too often, that data is compromised. When they shop—whether online or at brick and mortar stores—retailers gain access to their credit card numbers. Medical institutions maintain patient records, which are increasingly electronic. Corporations store copious customer lists and employee Social Security numbers. These types of data frequently get loose. Hackers gain entry to improperly protected networks, thieves steal employee laptops or disgruntled workers pilfer company information.

While all of these technologies have enabled exciting changes and opportunities for businesses, they have also created a unique set of challenges for business managers. Chief among all concerns about technology is the issue of information security. It seems to be almost a weekly occurrence to see a news article about yet another breach of security and loss of sensitive data. Many people will remember high profile data breaches from companies such as T.J Maxx, Boston Market, Sports Authority, and OfficeMax. In the case of T.J. Maxx, a data breach resulted in the loss of more than 45 million credit and debit card numbers. In many of these incidents, the root cause is a lack of adequate security practices within the company. The same technologies that enable managers can also be used against them. Because of this, businesses must take appropriate steps to ensure their data remains secure and their communications remain

Bank of America is a multinational banking institute and one of the most trusted in the banking industry. This organizations sole purpose is to protect the customer’s confidentiality and assets by ensuring that data protection is the number one priority; however any organization when holding personal information can be a victim of data breach and BoA is not exempt. One of the largest risks BoA faces today is Mobile Banking. This consumer convenience is used by fifty percent of smart phone owners (Finney, 2014). Phishing is also threat to the banking industry; this strategy by hackers allows the extraction of consumer passwords and other sensitive information. Hackers targeting banking institution employees with convincing e-mails that fool them into clicking on malicious links-which ultimately compromise their credentials or

Recently, JP Morgan Chase was hacked in June 2014 which led to the compromise of data related with 83 million accounts. It was in late July when the attack was discovered and still took time till mid of August to stop the attack. [1] There are many more examples like this, which demonstrates that today organizations struggle to detect the data breach. In the wake of such undetected data breach, the strategy towards information security should be changed from static risk and vulnerability assessments to more adaptive systems and policies.

Therefore, it is essential to address issues like security of the banking transactions that are executed from a distant place and transmitted over the air. Besides this, it is also important to ensure the security of financial transactions, if the device is stolen by hackers. If these concerns are properly addressed, then it would help increase the popularity of mobile banking by instilling a sense of trust among the customers.

In the last decade it’s amazing how technology has advanced over the years and will continue to advance for many years to come. Every year there is a new cell phone from Apple or Samsung, with new features that make our lives more convenient. From faster software to higher picture quality and so on. I am unable to recall the last time I used a camera to take pictures or went to the bank to deposit a check. Technology advances every day and many can’t wait to see what’s next to come. But with new technology comes greater risk for violations of privacy. In the following research paper I will discuss the types of security breaches and the cost associated with these breaches that businesses around the world face on a daily basis.

Technological advancement has had a gigantic effect in the banking industry. Over the past few decades, the financial services industry has changed considerably with banking transforming from the pen and paper method to the computers and internet method. The pen and paper method took weeks or even months for the transaction to be eventually completed, and then the dramatic introduction of the computer and internet method which changed that time frame to only a matter of seconds to be completed, which reduced the amount of time and labor needed to complete a transaction significantly. Banking is considered one of the most important economic sectors with it being severely influential and responsive to any little change, whether it is domestic or international. Some extreme changes that were brought about by the development of this new technology turned into a globalized nature for the financial services industry. One stroke of a key on a computer could and would change a person 's life extensively or even have a global impact. The new technologies that were created and introduced changed how the consumers managed their money from that time on. Technology has helped to protect peoples’ hard earned money and make it much more impossible for people to be able to write out bad checks or even holding up a bank. The advancement in technology however, also came with some security risks as most things do, that could affect the money that people trusted with the bank and