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Report: Target data breach costs banks more than $200 million
New York -- The costs related to Target's data breach have now exceeded $200 million for financial institutions, according to the Consumer Bankers Association and the Credit Union National Association, the Associated Press reported. The $200 million figure does not include the cost of any a fraudulent activity, which would push the cost of the breach to the industry higher as consumers are not held liable.
The two trade associations said that 21.8 million of the 40 million compromised credit and debit cards have been replaced.
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The Dressing Room: The Final Frontier
In recent years, retailers have aggressively implemented in-store systems to track customers’ every move from the moment they enter till the moment they leave (hopefully including a trip through a checkout lane). Specific details such as how long customers spend in front of a display are also carefully monitored and analyzed. Technology now allows retailers to keep tabs on what customers do in the store almost as rigorously as they follow customer actions online.
