Boston, MA 09/08/2014 (wallstreetpr) – Recent security breach at The Home Depot, Inc. (NYSE:HD) has caused a big hassle for the retailer as it immediately sought to enhancing security measures to protect sensitive customer data. The increasing menace of data theft is levying a heavy toll on the company’s infrastructure.
The Home Depot, Inc. (NYSE:HD) has reported that that its 2,200 stores have faced damages because of the recent cyber-attack. The company sought to cater immediately to the security breach and is in talks with Internet security firms Fishnet Security and Symantec to solve the issue. The retailer is also working with the United States Secret Service to probe deeper into to the matter and find out the source of the first hack that was identified by executives on Sept 2.
The Home Depot, Inc. (NYSE:HD) is seeking to speed up the deployment of chip-reading credit card terminals at its stress. In this context, some of the credit card companies too have undertaken to boost efforts to support security during electronic payment, so as to ensure consumer data protection. The implementation however will provide a slow solution to retailers, the companies fear.
Ahead Of Competitors
Although The Home Depot, Inc. (NYSE:HD) has still not proposed any approximate figure regarding the number of customers harmed in the process, it fears a major potential cut down in sales in the following quarters. There is a big probability that its cash, as well as cashless transactions would significantly lower because such incidents hurt customer trust in the company.
Similar cyber-theft issues have been reported by major other retailers, including Target Corporation (NYSE:TGT), which identified a data breach first in November last year. But in spite of a similarity in the incidents, investors need not fear The Home Depot, Inc. (NYSE:HD), says a research report by Oppenheimer’s Brain Nagel. He believes that the company has been on its guard even before the identification of any security breach, which would be helpful for it to not only control any major damages, but also keep consumers in confidence.