Target, Neiman Marcus apologize for security breaches before congress
Tuesday, February 04, 2014 - 01:40
Feb. 4 - Officials from Target, and Neiman Marcus say 'sophisticated' malware allowed credit card information to be stolen the moment purchases were made. Rough Cut (no reporter narration).
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A top official with retailer Target Corp. apologized to a U.S. Congressional panel on Tuesday (February 4) for the massive data breach that compromised payment card data and personal information of tens of millions of its customers.
John Mulligan, chief financial officer at Target, appeared before a Senate Judiciary Committee hearing on preventing data breaches and combating cybercrime.
"I want to say how deeply sorry we are for the impact this incident has had on our guests - your constituents," Mulligan said.
The No. 3 U.S. retailer is working hard to earn back the trust of its customers and "moving as quickly as possible to share accurate and actionable information with the public," he said.
Target was hit by a massive cyber theft over the holiday shopping period. Some 40 million credit and debt card records were stolen, along with 70 million other records with customer information such as addresses and telephone numbers.
He was joined on the panel by Michael Kingston, chief information officer with upscale retailer Neiman Marcus which was also hit by a large data hack in recent weeks.
Lawmakers are staging a series of hearings this week on aspects of the data breaches.
Target said it was speeding up a planned $100 million program to implement the use of chip-enabled smart cards to protect against cyber theft.
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