Target wants you to know that you can trust it again. Nearly seven months after the second biggest retailer in America ignored multiple alarm bells, allowing thieves to virtually hijack the cash registers at some 1,800 stores and siphon at least 40m credit and debit card records plus contact info for more than 70m customers, CEO Gregg Steinhafel is out, and the company has pledged to spend $100m upgrading the security of its checkout system.
But Monday’s mea culpa papers over problems still endemic throughout the American retail industry: an over-reliance on in-store technology rather than cybersecurity experts in the boardroom, and a tendency to underestimate the lengths to which bad guys will go to steal anything that isn’t properly nailed down.