The target Case Study Solution
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Date: 20th July 2017
Subject: Data Breach and Theft by Cybercriminals
Introduction and Problem Formation:In the month of December, 2013 it was announced by the TARGET company that cyber criminals had breached and stolen the debit and credit cards data. The breach mainly occurred few days before Christmas and Black Friday, one of the busiest days of purchasing and selling. The data which was stolen by cyber criminals consist of $40 million of the credit and debit cards in which around 200 million customers were affected. This caused amajor problem for the banks as they had to cancel and issue new cards, and improve their IT security, solve the lawsuits and conduct public relations operations.
Information and Assumptions: The cyber criminals were able to exploit the vulnerabilities of the Banks’IT infrastructure by obtaining the information of Fazio Mechanical Services user code and password and by sending a fake email to Fazio. Due to this, they were able to install a virus by the name of malware to copy the data which was stored on the debit and credit cards. The data which was stolen was used in the wound of the sale to one of the black market website by the name of reactor.so. The crooks had to use numbers of fake and clone cards to make the purchases through shopping online.
Analysis: After analysing the case the reason that the cyber criminals were able to hack the data was because the TARGET was unprepared for it. The other reason which made the hacking possible for the cyber criminals was because of the weak IT securities and structure.The TARGET even received one high alert during the month of November in which they did not properly analyze the situation and took no action. If the target had assessed the alert properly, it would have prevented the attack and saved millions of dollars.
Recommendation: Even though cyber attack was done to Target, but the ones who have suffered the most are the customers as it was their money which had been stolen by the cyber criminals. The company had been severely criticised by the customers for their failed IT security and its delay in the announcement. The company needs to consider on improving the public relations by providing with the reasons and demonstration of the new IT securities to make sure that events like this would never happen again in the future. The company also needs to consider giving some sort of gifts to the people to win back their trusts.
THE TARGET CASE Harvard Case Solution & Analysis
Alternatives Considered: The best alternatives for the company to consider would be to work on the public relations as the customers negatively scored the target's brand in which it reflected in the fourth quarter results. The profits of the target declined by 46% that year, so for improving its profits, it is essential that it works on improving the public relations and winning back their trusts..........................
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