Home Depot Data Breach - 2954 Words

Home Depot Data Breach Background on the 2014 Home Depot Data Breach Home depot was the target of a cyberattack on their information system infrastructure that lasted from April of 2014 to September of 2014. As a result of the attack and following data breach, 56 million credit-card accounts and 53 million email addresses were stolen. (â€Å"Home Depot Hackers Exposed 53 Million Email Addresses†) The cyberattack involved several steps. First, the attackers gained third party credentials allowing them into the system. Next they exploited an unknown weakness in the system that allowed for the attackers to elevate their own access privileges. Finally, they installed malware on Home Depot’s self-checkout systems in the U.S. and Canada, allowing†¦show more content†¦The costs that the company will incur can be broken down into six different categories: investigation and remediation, notification, identify theft and credit monitoring, disruptions in normal business operations, and lost business. Investigation costs involve those relat ed to examining how and why the data was compromised, and remediation costs relate to the costs incurred to set up safeguards. Home Depot’s pre-tax expense relating to investigation and remediation was $43 million in the third quarter of 2014 alone. Notification costs relate to notifying the relevant individuals, regulators, and media personnel. Simply mailing notification letters, at 49 cents per stamp, equates to a $27.44 million expense. Costs relating to identify theft and credit monitoring include the cost of identity theft protection for each of the victims. Assuming $10 per victim, this results in a $560 million cost for Home Depot. Disruptions to Home Depot’s normal business operations include the opportunity cost of the reduced investments in the company’s operations, as well as reduced time on standard business activities. This cost is estimated to be $20 per victim. Home Depot will likely lose business due to customers being scared away, and the relat ed cost is approximately $30 per victim. Finally, lawsuits relating to the data breach are expected to incur $3 billion in expenses for Home Depot. 44 suits have already surfaced since the cyberattack. (â€Å"Home Depot: WillShow MoreRelatedThe Home Depot Data Breach3056 Words   |  13 PagesThe Home Depot-Data Breach Abstract The Home Depot, the home improvement, construction products and services retailer got hit by hackers by compromising the millions of customer’s data. The data of credit cards and debit cards have been stolen by the hackers. However the breach occurred long time ago but went unrecognized. They suspected that this might be the same malware used during the Target’s data heist. Furthermore, the hackers injected the system with the malware which enters the system whichRead MoreCase Study : Home Depot Data Breach Essay1026 Words   |  5 Pages Case Study Summary on Home Depot Data Breach Introduction: The Home depot attack is a massive payment card breach that happened, resulted when hackers gained access to its network using a third party vendor’s login. Earlier to this, Target Data Breach is the largest retail breach in US history (2013) in which 40 million payment cards were stolen. Now Home Depot breach is the largest retail breach occurred in 2014, 56 million payment card information is stolen and 53 million Email were hackedRead MoreHome Depot Data Breach 2014 Case Study. Introduction. .1615 Words   |  7 PagesHome Depot Data Breach 2014 Case Study Introduction Cyber security has become more and more important as technology has advanced in the past 35 years. As business has taken advantage of the convince of the internet, the amount of people that wish to take advantage of the lack of protection of networks has increased. Today, if a business wishes to gain and retain the trust of the consumer, the business must focus company resources to protecting the information of transaction, personal informationRead MorePrevent Breaches Such A Home Depot And The Similar Target Breach Essay1374 Words   |  6 PagesThere are many ways to help prevent breaches such as the Home Depot and the similar Target breach. Most retailers these days have multiple locations possibly in two or more countries like The Home Depot. Because of this the retailers need to know exactly where the business of the organization is being conducted. These organizations need to take the extra steps and know where the customer data is at all times especially payment information. They need to keep track of how it is being accessed and howRead MoreCredit Card Fraud, An Integral Part Of The World s Economy1259 Words   |  6 Pagescard fraud, every week seems to bring news of one or the other data breach at U.S retailer. First it was Target, then Neiman-Marcus, followed by Michaels, and now the hotel company White Lodging, which manages hotel franchises for chains such as Marriott, Hilton, and Starwood. The latest to join the list is Home Depot, which is an American Retailer of home improvement and construction products and services. Home Depot is the largest home improvement retailer in the United States with revenue of aboutRead MoreThe Home Depot s Position1437 Words   |  6 PagesFinancial statements are the primary way that public companies communicate its financial activities and position of the business to management, investors and other users of financial information. The Home Depot (NYSE symbol: HD) of the world giant home improvement retailer, has a complex business model that is characterized by its business philosophy, â€Å"stack it high, watch it fly† which reflected a primary focus on sales growth in consumers and construction professionals. At the same time, the companyRead MorePayment Card Systems Were Breached1026 Words   |  5 Pages8th, 2014, Home Depot released a statement indicating that its payment card systems were breached. An investigation had started on September 2nd but they were still trying to discover the actual scope and impact of the breach. Home Depot was one of the many victims to a retail data breach in 2014. The unfortunate thing is the way the attacker’s infiltrated the POS networks and how the attackers were able to steal the payment card data, were the same methods used in the Target data breach. By ignoringRead MorePhysical Security Case Study743 Words   |  3 Pagesarticle is about physical security failure on securing electronic data. The burglary of credit card data has turned into a typical issue today. Indeed, even after the lessons gained from the Target information breach, Home Depots Point of Sale frameworks were traded off by similar strategies. The utilization of stolen information and RAM scraping malware were instrumental in the achievement of the two information breaks. Home Depot has found a way to recover from its information rupture, one of themRead MoreThe Common Forms Of Cyber Theft1358 Words   |  6 Pagessources. Many schoolers have defined the term of cybercrimes in general sense and narrow sense. The term cybercrime in a narrow sense is â€Å"Any illegal behavior directed by means of electronic operations that target the security of computer systems and the data processed by them† (Gercke, 2012). Also it has been defined in a broader sense as â€Å"illegal behavior committed by means of, or in relation to, a computer system or network, including such crimes as illegal possession and offering or distributing informationRead MoreSecurity Breach Challenging Customers Protection2215 Words   |  9 Pages Security Breach challenging customers protection INTRODUCTION: The technology has been developing very fast in this modern world leading us to have very sophisticated life .With new inventions and new technology ,people are performing their work or duties so easily sitting at home. In olden days we have to always carry minimum cash with us ,where ever we go and we are afraid in case of carrying a large amount of cash with us because of security. After Getting the credit card facility ,it has