Target credit card scandal affects 70 M. people, including
college students
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Staff Writer
Target disclosed that over 110 million individuals might have been affected by the mass information breach that took place over the holidays. The number was originally thought to be closer to 40 million, but recent reports paint a far more extensive story.
Since the news broke out, more and more details have continued to emerge. It seems as though the software that was used to hack Target’s system was a modified form of software that is available commercially on “Cybercrime Forums,” or forums online where hackers share software and programs. The program can be obtained for around $2,300. The hacker/software bypassed the Target system and it was originally believed that credit card/debit information as well as encrypted pins had been acquired.
CNBC sources have disclosed that Target could face up to $1.1 billion in fines due to the data breach. This figure does not even begin to take into account the losses in revenue due to the negative side effects that came to fruition through the scandal; such as drop in stock, lowered sales, decline in sign ups for loyalty members and customer goodwill. Target’s stock recently hit a 52 week low at $56.73 per share.