According to ADWEEK magazine, the bad guys hit the bull’s-eye with the massive credit card breach at Target. We all remember the news at the height of the 2013 holiday season when the retailer reported that hackers accessed payment-card data and personal information (names, addresses, emails and phone numbers) of 110 million of their customers.
Target, according to ADWEEK, said costs associated with the cyber invasion totaled $61 million in its fiscal fourth quarter, “contributing to a 46 percent decline in net income to $520 million (81 cents per share) versus $961 million ($1.47 per share) the previous year.”
Target spends over $1.4 billion on advertising and promotions. The impact of the data breach put a massive dent on that investment.