The numbers are staggering: 40 Million Credit Cards hacked. 70 Million records of personal data stolen; plus, A 46% drop in profits for Q4 2013.
These numbers mean nothing next to the true problem at hand.
While Target is now scrambling to strengthen cyber protections, as they should, we cannot help but feel they’re skirting the real issue. That is Trust. Cyber security can be strengthened with a variety of measures. Customer loyalty and trust not so much. In the eyes of the once loyal customer, it does not matter that “most” of the cards will not experience fraud as a result of the breach. The mere concept of personal data being seen and handled by sources up to no good is the key issue and the true learning here. Target is at the beginning of a very long trust rebuilding journey and we hope they have a plan for it.
Maintaining customer loyalty and trust should be paramount to us all and proactive cyber protection can help do just that- Your customers will be comforted knowing you’ve taken the appropriate steps to protect them, and a protected customer is a loyal customer.
Stay tuned for our next installment: Trust Maintenance and Cyber Security – Not Just an IT Issue.
For more info:
Target By The Numbers
Healthcare the New Breach Target