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Target acknowledges it ignored early signs of breach

BY Marianne Wilson

New York — Target Corp. acknowledged its security software picked up on suspicious activity after a cyber attack was launched, but it decided not to take immediate action. The chain also advised that its security breach last year could be even more extensive than reported so far, Reuters reported.

“Our investigation of the matter is ongoing and it is possible that we will identify additional information that was accessed or stolen, which could materially worsen the losses and reputational damage we have experienced,” the company said in its 10-K annual report filed with the Securities and Exchange Commission on Friday.

On Thursday, Bloomberg reported Target’s security team in Bangalore, India, received security alerts on Nov. 30 that suggested malicious software had appeared in its network. It then flagged the security team at its home office in Minneapolis.

“Like any large company, each week at Target there are a vast number of technical events that take place and are logged,” said Target spokeswoman Molly Snyder in a statement. “Through our investigation, we learned after these criminals entered our network, a small amount of their activity was logged and surfaced to our team. That activity was evaluated and acted upon. Based on their interpretation and evaluation of that activity, the team determined that it did not warrant immediate follow up. ”

She added: “With the benefit of hindsight, we are investigating whether, if different judgments had been made, the outcome may have been different.”

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REAL ESTATE

Google eyeing store site in New York City

BY Marianne Wilson

New York — Google. Inc. may be close to signing a lease for its first-ever freestanding retail store in the United States, according to Crain’s New York Business. The site is located in New York City’s SoHo area, at 131 Greene Street, and is just a block away from an Apple store.

The search giant reportedly wants to open brick-and-mortar stores to showcase its various gadgets, ranging from the Nexus line of smartphones and tablets to the Chromebook Pixel laptop. The company is also getting ready to go public with its Google Glass eyewear and smartwatches.

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FINANCE

Quiznos files Chapter 11

BY Marianne Wilson

Denver — Quiznos on Friday filed for Chapter 11 bankruptcy protection to reduce its debt. The sandwich chain said it filed after reaching a deal to cut its debt by more than $400 million, or about two-thirds.

Quiznos said it would continue operating while it works to implement a debt-restructuring plan and make operational improvements.

“The actions we are taking are intended to enable Quiznos to reduce our debt, execute a comprehensive plan to further enhance the customer experience, elevate the profile of the brand and help increase sales and profits for our franchise owners,” stated Stuart K. Mathis, CEO, Quiznos.

Quiznos said it does not expect any changes in operations at its 2,100 restaurants during the reorganization.

Court papers show that under the restructuring plan, Quiznos’ senior lenders would trade more than $444 million in debt for all of the equity in the restaurant chain, subject to dilution.

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