In the wake of a data breach that potentially impacted more than 100 million people and hit its profits and sales, Target Corp. is revamping its information security practices.
And it is shaking up the operation’s management in the process.
Target said Wednesday that chief information officer Beth Jacob had resigned. She had been in the position since 2008. The discounter is now looking for an interim cio to succeed Jacob.
“While we are still in the process of an ongoing investigation, we recognize that the information security environment is evolving rapidly. To ensure that Target is well-positioned following the data breach we suffered last year, we are undertaking an overhaul of our information security and compliance structure and practices,” said chairman, president and chief executive officer Gregg Steinhafel.
The ceo himself has been under pressure in the wake of the data breach, but also as the retailer has struggled to recapture its momentum in the U.S. and with its expansion into Canada.
“We will be elevating the role of the chief information security officer and hiring externally for this position,” Steinhafel said of the planned changes. “Additionally, we will be initiating an external search for a chief compliance officer. We are also working with an external adviser, Promontory Financial Group, to help us evaluate our technology, structure, processes and talent as a part of this transformation.”
Until now, the responsibilities of a chief compliance offer were overseen by Target’s vice president of risk assurance and compliance, who had plans to retire at the end of the month. Before the restructuring, Target’s information security functions were divided among several executives.
Target disclosed that it had been a victim of a cybersecurity breach on Dec. 19, smack in the middle of the busy holiday season. The breach occurred between Black Friday and Dec. 15, Target has said, with information from debit and credit accounts potentially stolen from 40 million Target shoppers. The retailer on Jan. 10 said personal information such as names, phone numbers and e-mail addresses could have been taken from another 70 million consumers.
Target is offering consumers free credit monitoring and speeding up the adoption of credit and debit cards with advanced chip technology, an investment of more than $100 million.
When Target reported its financials last week, the retailer included in its guidance about 7 cents related to the costs of the data breach and cautioned that these expenses could have a “material adverse effect” on its first-quarter results and beyond. The company was unable to estimate future expenses related to the breach, but indicated that it’s likely to receive a $44 million insurance payout.
@margotrobbie steps out onto the red carpet wearing @miumiu. The actress is nominated for “Outstanding Performance by a Female Actor in a Leading Role” in “I, Tonya” at the #SagAwards. (📷: Stewart Cook) #wwdfashion
For @massimogiorgetti of @msgm, the Nineties are his favorite decade. “They had a huge impact on my personal growth. What I like of the Nineties is that they are not so precise in terms of style as other decades…there was actually a bit of everything,” he said. As seen on MSGM’s Spring 2018 show: tie-dye and a bit of grunge, two styles that are synonymous with the decade #wwdfashion #wwddecades (📷: @kukukuba)
Breaking News: @hedislimane joins @celine as its new artistic, creative and image director. One of fashion’s preeminent image-makers and trendsetters, Slimane is to join the LVMH brand on Feb. 1 and unveil his first fashion proposition for men and women next September during Paris Fashion Week. It marks a major homecoming for Slimane, who cemented his reputation – and influenced men’s tailoring for more than a decade – as the designer of Dior Homme between 2000 and 2007. He went on to reinvent and ignite the house of Yves Saint Laurent, which he rechristened Saint Laurent, between 2012 and 2016 – all the while maintaining a close relationship with the Arnault family, which controls LVMH and Dior. Read the full exclusive story on WWD.com. Link in bio. #wwdnews #wwdfashion
“Personally I believe the Eighties have been the richest and more vivacious period for international fashion,” Giorgio Armani said when asked what his favorite decade of fashion is. It was a moment of disruption and experimentation and only thinking back to the first years of that decade is always an emotion for me, for what they have meant to me and my work.” The influence is clear in @giorgioarmani spring 2018 collection, pictured here, which was full of bright colors and unexpected prints. Read more about which decades designers loved most on WWD.com #wwdfashion #wwddecades (📷: @aitorrosasphoto)
For Lady Gaga’s only Italian show on her “Joanne World Tour,” the singer wore a range of @versace_official outfits. The standout piece: this custom-made bodysuit inspired by the brand’s spring 2018 collection. #wwdfashion (RG: @ladygaga)
@_camillaruth_ is expanding on the wellness-craze concept with @westbourne – a new NYC restaurant that’s both a healthy-minded café as well as a business that gives back to the community. Marcus works with the Robin Hood foundation to give back to The Door, a non-profit providing youth development services, and also hires employees through The Door. Read our full interview with Marcus on giving back through food on WWD.com. #wwdeye (📷: @lexieblacklock)