Business Wars Target vs Walmart | Bricks and Bytes | 4
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Jun 21, 2023 In 2013, Target grapples with a massive data breach, stirring chaos as it struggles to regain consumer trust. Meanwhile, Walmart zeroes in on the threat from Amazon. Target's new CEO must make swift moves to salvage the Canadian expansion amidst potential retreat. As Target launches innovative brands like Cat& Jack, financial anxieties loom. The rivalry intensifies with Target's $7 billion store remodel versus Walmart's grocery-driven stability, setting the stage for a captivating retail showdown.
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Target's 2013 Data Breach
- In 2013, Target suffered a major data breach impacting 40 million payment cards.
- This led to significant financial losses, reputational damage, and CEO Greg Steinhafel's eventual resignation.
Counterfeit Card Shopping Spree
- A couple used stolen Target customer data to buy $35,000 worth of goods with counterfeit cards.
- They were apprehended by the Secret Service at the Mexican border.
Target's Security Gaps
- Target's data breach was facilitated by weak security measures, including default passwords and open network access.
- The hackers exploited these vulnerabilities to install malware and steal customer data.
