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Report: SEC investigating data breach at Target and several other companies

BY Dan Berthiaume

Minneapolis – The Securities and Exchange Commission (SEC) is reportedly investigating whether Target Corp. adequately protected its data and informed shareholders about the possible consequences relating to its fall 2013 data breach, according to Bloomberg. The report said that Target is one of several public companies that suffered a data breach which is being investigated by the SEC.

In May 2014, Target publicly stated that the SEC, along with the FTC and states’ attorneys general, were investigating its data breach, although the SEC has not publicly commented on any investigation. The SEC is examining whether Target properly handled its data and fully disclosed the breach once it was discovered.

In guidance released in 2011, the SEC advised public companies that cyber attacks can be material to investors if they cause security spending to significantly rise or result in theft of intellectual property.

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Tim Hortons, CIBC launch technology-enhanced Visa card

BY Dan Berthiaume

Toronto – Tim Hortons and Canadian Imperial Bank of Commerce (CIBC) are launching the new CIBC Tim Hortons Double Double Visa Card, leveraging a two-button technology that allows cardholders to press the CIBC Visa button on the front of the card to pay for their purchases anywhere Visa is accepted. One percent of each dollar spent is converted instantly into Tim Cash rewards, and by touching the Tim Card button, cardholders can then redeem their Tim Cash loyalty points at Tim Hortons locations.

Each button on the CIBC Tim Hortons Double Double Visa Card has its own colored light that illuminates when the cardholder chooses either the Visa or Tim Card option. The new card also offers Visa PayWave contactless payment capability and chip-and-PIN security technology.

The technology underpinning the new card leverages patented technologies developed by Dynamics. CIBC and Tim Hortons are the first to offer this technology to the Canadian marketplace. CIBC is the exclusive Canadian provider, and Tim Hortons is an exclusive provider in the quick service restaurant category in Canada.

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Study: Retailers lag in omnichannel capabilities

BY Dan Berthiaume

Austin, Texas – Retailers have barely reached the halfway mark in their journey to omnichannel maturity. According to the results of a new report from Starmount and Retail Systems Research (RSR) that asked retailers to rate themselves on six dimensions of omnichannel maturity, the lowest overall rankings (an average score of 2.7 on a six-point scale) were in omnichannel order and fulfillment capabilities.

In addition, 67% of retailers were “inefficient” or worse at integrating in-store and digital experiences. Other findings include:

• 71% of retailers are unable to successfully measure omnichannel customer engagement. Moreover, only 34% of retailers reported customer data collection capabilities at the “performing” or “differentiator” levels. Overall, customer engagement is not measured, and only basic statistics that are relevant to marketing are tracked at all.

• Half of all respondents were inefficient or worse at responsibility and ownership of omnichannel inventory. Moreover, 60% said they were inefficient or worse at maintaining inventory visibility across channels, and a disappointing 44% of respondents report “no capability” when it comes to measuring inventory performance.

“Part of the challenge in navigating omni-channel change is understanding how much change is really necessary,” said Nikki Baird, managing partner at RSR and an author of the report. “Up until now, I think a lot of retailers have tried to protect their businesses from change, rather than embrace it.”

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