MINNEAPOLIS (AP) — Target Corp. said in its annual report that a massive security breach has hurt its image and business, while spawning dozens of legal actions, and it noted it can’t estimate how big the financial tab will end up being.
The disclosure Friday with the Securities and Exchange Commission came as the nation’s second-largest discounter said separately that security software picked up on suspicious activity after a cyberattack was launched, but it decided not to take immediate action.
The acknowledgement comes after Bloomberg Newsweek reported Thursday that Target’s security team in Bangalore received security alerts on Nov. 30 that indicated malicious software had appeared in its network. It then flagged the security team at its home office in Minneapolis.
Shares of Target closed down 37 cents at $59.36. Shares are down 6 percent since the breach was disclosed.