Retail giant Target is hoping they can win back the trust of their customers by offering them free credit monitoring.
Target CEO Gregg Steinhafel sent out an email to the 70 million Target Card holders offering them free credit monitoring for a year. Back in December, hackers obtained names, phone numbers, credit card numbers, and other customer information from Target servers.
Cyber-security expert Chris Bronk with Rice University says no matter what the cost of the monitoring, Target will be taking a big hit, "Even if it costs a dollar a pop you're looking at $70 million. I think Target is a large company but it's a company that still, $70 million is still real money to Target."
Target isn't the only company to have large data breaches, Neiman Marcus, Google, and Sony are companies affected by the increasing threat of hackers. Bronk says the problem stems from advanced technology and antiquated regulation, "We've built this internet thing and we're still technologically far ahead of where our regulatory and political frameworks are and it's catch up time and no one knows how to do it right."
One thing is for sure no company is safe from cyber attacks, which makes you think about how much of your personal information is in the hands of the type of companies that are being targeted by hackers.