A rapid response minimizes the impact of data breaches
On December 19, 2013, Minneapolis-based Target Corporation announced their customers had been victims of one of the largest credit card breaches in history. The retailer revealed that between November 27th and December 15th of that year, hackers stole nearly 40 million credit and debit card numbers using malware installed on point-of-sale (POS) machines throughout stores nationwide. Target later revised the number of compromised cards upward to 70 million.
News of the Target breach hit small and mid-sized card issuers hard. They faced the prospect of somehow manually changing cardholder limit and noting accounts, then canceling and reissuing cards. Scores of banks used data automation software to automate the entire process, performing what would otherwise be handled by a few unlucky employees over the course of a weekend, in a matter of hours.