Warner leads congressional hearing on Target data breach

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Associated press

Posted on January 10, 2014 at 11:45 AM

Updated Tuesday, Feb 4 at 6:09 AM

UPDATE 2/3:  Virginia Senator Mark Warner led a Congressional hearing Monday looking into the Target credit card breach that impacted more than 70 million American consumers over the holidays.

"Technology continues to evolve. But the sophistication  of these cyber hackers also evolves. It’s important that we work with our retailers and our financial institutions to get this right so that Americans’ privacy, financial data, and most importantly their hard-earned resources  are protected. I think we take a big step towards that next week,” Warner said. 

The hearing, held by the Senate Banking subcommittee, included an update on the hacking investigation from the Secret Service, as well as testimony from leading bankers, retailers and consumer advocates.

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NEW YORK (AP) — Target says that personal information — including phone numbers and email and mailing addresses — was stolen from as many as 70 million customers in its pre-Christmas data breach. That was substantially more customers than Target had previously said were affected.

The chain also cut its fourth-quarter adjusted earnings forecast and outlook for a key sales barometer.

Target had announced in December that about 40 million credit and debit cards may have been affected by a data breach that happened between Nov. 27 and Dec. 15 — just as the holiday shopping season was getting into gear.

The retailer said Friday that the personal information stolen is not a new breach, but was discovered during its ongoing investigation.

Target Corp.'s stock fell in Friday premarket trading.

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