Reports: Target CIO resigns in wake of data breach

MINNEAPOLIS — In the wake of a huge data breach just before the Christmas holiday, Target’s CIO Beth Jacob is resigning, according to published reports.

According to a New York Times report, which cites a statement released to the Associated Press, the move is effective Wednesday and the company will look for an interim CIO.

In addition, Target has indicated that it also will look outside of the company for a chief information security officer and a chief compliance officer.

As previously reported, Target experienced during the fourth quarter a data breach in which an intruder gained unauthorized access to its network and stole certain payment card and other guest information. The company incurred $17 million of net expense in the fourth quarter, reflecting $61 million of total expenses partially offset by the recognition of a $44 million insurance receivable. These expenses include, but aren’t limited to, costs related to investigating the breach, offering credit-monitoring and identity theft protection services to guests and increased staffing in its call centers.

Looking to fiscal 2014, the company noted that it is not able to estimate future expenses related to the data breach.

 

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