This is not exactly the merriest of times for Target. Last week the retailer revealed that credit card data from 40 million customers had been stolen. Now it looks like the giant retailer could be liable for up to $3.6 billion.
Target could face a $90 fine for each cardholder’s data compromised, which translates to the $3.6 billion liability, according to a post on the SuperMoney website.
Here’s how it breaks down. Target will already likely face all sorts of lawsuits and the added cost to assure that everything in its infrastructure is secure, SuperMoney explains. But that’s just part of it. Back in 2006, Visa, American Express, JCB, Discover and MasterCard formed the PCI Council to oversee the new Payment Card Industry Data Security Standard (PCI DSS).
The data security standard defines how organizations manage cardholder information. The standard, obviously, is meant to help reduce the likelihood of credit card fraud. Target and other vendors usually get reviewed by the PCI Council once a year to make sure they are keeping their house in order. It’s also a bit of a sham, too. The PCI Council likes to say none of those that they have certified have ever been breached. Well, not exactly. The PCI Council has retroactively revoked certification after a retailer has a breach.
Regardless, things can get pretty brutal for the retailer. They can face civil fines, suspension of credit card acceptance by a merchant’s credit card account provider and a loss of all the trust that retailers bank on so much with their customers. Four states are now asking Target questions for a potential class action lawsuit. Suddenly, the retailer’s big target logo has a whole new meaning.
But the real damage becomes apparent when the fines are added up on a per cardholder basis. Even if a company is 100 percent PCI-compliant and validated, “a breach in cardholder data may still occur. Cardholder breaches can result in $50 to $90 fines per “cardholder data compromised,” according to the Focus On PCI website. T.J. Maxx faced a similar dilemma in 2007 when the data from 90 million cards was stolen.
There are lots of theories for how the breach happened. But the worst part is how this affects people like you and me. The credit cards we use here in the United States all have magnetic strips. All that data is being pulled off the credit cards and put on counterfeit cards that are then sold on the black market, as pointed out by security expert Brian Krebsand discussed in a post by TechCrunch’s John Biggs.
But it’s easy to pin all the blame on Target. The old-fashioned magnetic strip makes fraud so much easier for the crooks out there. Data encrypted on microchips has been used in Europe and other parts of the world for years but the U.S. lags way behind, making it a haven for black market hackers. Encrypted microchips are not a cure-all, but it could go a long way in protecting consumers, the most vulnerable out of this whole monster mess.
LADIES WHATS UP !!!
With the new year comes a truckload of rumors regarding the plans for Apple. The world’s most influential technology company did not wow consumers with any new products in 2013, but instead focused on improving and updating its core offerings, including the iPhone, iPad, iOS and Mac Pro. So what does 2014 have in store for the brand? Recently Apple CEO Tim Cook had this to say: “We have a lot to look forward to in 2014, including some big plans that we think customers are going to love.”
Bigger iPad – Digitimes is reporting that Apple will release a 12.9-inch tablet in October 2014. The new iPad will specifically target the educational market. It will be manufactured by Quanta Computer, and go toe-to-toe with Samsung’s new large tablets expected in 2014.
Bigger iPhone – Yes, after years of rumors, this will finally happen in 2014. Expect a larger iPhone. The logical date would be in October, when the iPhone 6 will likely be released.
China - The iPhone is coming next month to China Mobile, the country’s largest mobile network. This is a done deal. This strictly means sales and market share. Apple has struggled in some overseas markets, and this deal is expected to generate sales of 15-20 million iPhones.
Apple TV – or iTV – We’re not talking about the current little black box that sits on top of your current entertainment center. We’re talking about a real TV. Let’s call it the iTV. This one is a coin flip. Apple reportedly has large screen TVs ready to be developed, but the company doesn’t want to launch something half-finished. The issue is not the technology – but content agreements. Apple wants to make a TV that operates like iTunes – bypassing traditional cable and satellite companies and letting consumers buy their content ala cart. The networks are hesitant to give up control. We bet that we will see an iTV in 2014, but we’re not sure if it will ever resemble what the company really wants.
Mercedes-Benz has teamed with Silicon Valley-based Pebble Technology to create a wrist watch that connects with your auto. The new watch connects with Mercedes’ Digital DriveStyle app and serves as a simultaneous transmitter and receiver of data.
While maintaining original characteristics like all over elephant print, premium materials and leather lining, this special release features a primarily black upper with contrasting infrared accents and midsole. In addition, the crisp color combination is finished off with an appropriate icy blue outsole. The Air Jordan 5 3Lab5 “Black Infrared” will be available at Wish no later than December 31.
Bolex D16 Cinema Camera($3,300). From legendary 16-millimeter film camera makers Bolex, this camera features a Super 16mm-sized CCD sensor, a high-capacity solid state drive, and captures studio-quality sound and organic-looking video. It’s designed to fit comfortably in your hand while you shoot, and accommodates a range of interchangeable lenses including traditional Bolex and C-mount. With plenty of ports, including HDMI, USB 3.0, the ability to hold dual CF cards, and included LightPost software, there’s no limit to what you can do with your footage.