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IT-659-Q1436: Assignment 6-2
NEWS ANALYSIS g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g
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Analysis of recent news headlines
Hudson Bay, the parent company of three popular department store outlets revealed
that the payment system had been breached. It also led to the compromise of the personal
information of the customers of the store. According to Gemini Advisory, a New-York-
based security entity, the cybercriminal group – Fin7 or Joker Stash had succeeded to steal
the information relating to five million payment card details. In fact, out of the stolen data
1,25,000 was already made available on the dark web for sale (Computerweekly.com,
2018).
The cybercriminal team has gained notoriety for using phishing emails to target managers
and supervisors working at hotels and restaurant chains as well. The theft of the payment
details is surely one of the major cybercriminal activities that can adversely affect the
online experience of the users (Computerweekly.com, 2018). The business undertakings
that are the main target of the cyber attackers are definitely at the receiving end as their
reputation goes for a toss and the customers lose trust in the brand. The three main retail
outlets of Hudson Bay that were the prime target of the cyber-attack include Lord and
Taylor, Saks Off 5th and Saks Fifth Avenue (Cbc.ca, 2018). The security breach jolted the
retail industry and the retailer. g g
Cause of the retail chain breach
The cybersecurity breach that affected the retail business was one of the most
damaging cyber-attack incidents of the 21st century. The data bread that took place in the
retail setting could have been averted if the business and its Information Technology team
would not have downplayed the incident that had been going on for over nine months. The
initial breach incident took place a long time ago. It indicates that the cyber attackers got
plenty of time to get access to the sensitive customer information. The lack of a proper
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security system could have played a vital role to safeguard the confidential payment
information of the customers.
There existed several loopholes in the security system of the retail chain which led
to the cyber breach in the business setting. The breach that took place could have been
avoided if there was a secure (Europay, Mastercard and Visa) EMV point of sales. The
lack of the safety net increased the vulnerability of the retail business chain on the cyber
platform. After the business was able to identify the online threat, it carried out the
investigation to control the damage (Chainstoreage.com, 2018).
Steps to resolve the breach
Several steps can be taken for the purpose of resolving the cyber breach that
compromises the business security system and increase the level of vulnerability of the
customers. There is the need to introduce a safe and secure EMV point of sales so that the
unauthorised activities can be checked. Such an approach can play a crucial role to
enhance the retail activities that are carried out on the cyber platform. I the present times,
the cyber attackers mainly use phishing emails for the purpose of targeting business
undertakings that function in different industrial settings (Japantimes.co.jp, 2018). In order
to safeguard the business against such kinds of cyber-attacks, the business undertakings
need to upgrade the security model at regular intervals so that any kind of unauthorized
activity can be identified and effectively tackled with.
In the current times, cyber breaches can take place various forms which can have
an adverse implication on the businesses as well as the customers. In order to effectively
deal with the cyber breach incident, there is the need to strengthen the Information
Technology infrastructure of the business undertaking so that the effective resolution of the
cyber breach can be made possible.
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The customers must be placed in the central position while designing the
cybersecurity model so that their confidential and personal information can be safeguarded
in the best way possible. In order to do so, businesses need to introduce free identity
protection services such as credit and web monitoring options so that the customers can be
informed about the breach (Chainstoreage.com, 2018). The customers need to be
empowered so that they can identify any kind of unauthorized activity that can take place
in their account. Such techniques can be introduced to resolve the cybersecurity risks that
can arise on the cyber platform.
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References
Computerweekly.com. (2018). Data breaches revealed at four US retail chains. Retrieved
from https://www.computerweekly.com/news/252438076/Data-breaches-revealed-at-
four-US-retail-chains
Cbc.ca. (2018). HBC says data breach lasted up to 9 months | CBC News. Retrieved from
https://www.cbc.ca/news/business/hbc-saks-data-breach-1.4638249
Chainstoreage.com. (2018). Hudson’s Bay Co.: Saks, Lord & Taylor data breach ‘no
longer poses a risk’ |Chain Store Age. Retrieved from
https://www.chainstoreage.com/operations/hudsons-bay-co-saks-lord-taylor-data-
breach-no-longer-poses-risk/
Japantimes.co.jp. (2018). Hackers breach Saks, Lord & Taylor customer data, parent
Hudson's Bay says | The Japan Times. Retrieved from
https://www.japantimes.co.jp/news/2018/04/02/business/tech/hackers-breach-saks-lord-
taylor-customer-data-parent-hudsons-bay-says/#.W-VepnszbIU
