on the company which resulted in the loss of $63 million in Bitcoin. The company has announced that it will reimburse users for their stolen currency; it has not yet started that process. <\/span><\/p>\nTakeaway: <\/b><\/p>\n
This bit of news serves as a follow-up to our previous article on the heist. It reinforces the perilous security position cryptocurrencies find themselves in 2018, and it also shows just how severe the consequences of a serious hack can be. A breach doesn\u2019t just hit a company\u2019s bottom line\u2014it can force even those intimately connected to their enterprise, as Kobal was, to resign. Across the globe the notion persists that whatever happens online, those consequences can\u2019t spill out into the real world. Kobal\u2019s resignation shows a very different reality, and how seriously we need to be taking cybersecurity. Our jobs may depend on it. \u00a0<\/span><\/p>\nDecember 28, 2017: Forever 21 Confirms Breach of Payment System<\/b><\/h3>\n
Fashion retailer Forever 21 confirmed that their data breach, first discovered and announced in November, is far more severe than previously believed. The hack appears to have infected point-of-sale-terminals throughout the U.S. between April 3 and November 18 last year, compromising customers\u2019 payment and credit card information. The company has not announced how many customers were potentially affected. The POS systems were supposed to be encrypted, according to a company statement to customers. <\/span><\/p>\nTakeaway: <\/b>The first major insight Forever 21 provides is the devastation of dwell time in a hack. The lengthy period of time hackers were allowed to customer information without attracting attention obscures just how many customers were harmed, making the recovery that much harder. The discovery of prolonged dwell time can destroy an enterprise\u2019s reputation, which in turn degrades the trust between enterprise and customer that is necessary for a free economy to function, and escalates the potential reimbursement. And Forever 21 isn\u2019t even unique in its breach; Chipotle and GameStop both suffered similar hacks over 2017. Hackers seem to be concentrating their efforts on cracking POS systems, so better encryption or better endpoint protection will be vital moving forward for all retailers. These hacks will keep coming; the data POS devices contain is too valuable to the unscrupulous to be left alone.<\/span><\/p>\n
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