The Home Depot, Inc. (HD) Investigating Customer Data Breach Claims

Home improvement retailer The Home Depot, Inc. (NYSE:HD) has issued an official statement saying that it’s currently carrying out an investigation into the alleged customer credit card data breach. This came after a KrebsonSecurity, a security website posted information saying that its preliminary investigations show that credit card sales on underground markets must have come from The Home Depot, Inc. (NYSE:HD).

In a quick rejoinder, The Home Depot, Inc. (NYSE:HD) has assured its customers and the public that in case they discover that it’s the company’s data that was breached, all customers will be notified forthwith.

“At this point, I can confirm that we’re looking into some unusual activity and we are working with our banking partners and law enforcement to investigate,” Home Depot representative Paula Drake wrote in an emailed statement to Reuters. “If we confirm that a breach has occurred, we will make sure customers are notified immediately.”

In what’s seen as market response to the allegation, shares of The Home Depot, Inc. (NYSE:HD) fell by 2% to close at $91.15.

The Home Depot (HD)

ABC News also reported in an article that a number of retailers have been targeted by hackers in the recent months, raising great concerns among the retailers. Some of the retailers that have experienced such security breaches include Supervalu, Sally Beauty, and P.F. Chang’s. This worrying trend has pushed many retailers and banks to adopt the high security technology offered by microchips in their cards.

More information coming from CNBC News indicates that the said breach may have occurred as far as last year, a factor, which if proven, shall cause even greater concerns to the company and, in extension, her customers.

In the revelation, KrebsonSecurity indicated that the attackers could be the same group that consists of Russian and Ukrainian hackers who had earlier compromised the security of the above named stores.

Home Depot is definitely expected to be among the many retailers, banks, and insurance companies that will be racing to beef up security using new technology.

This article has been written by Victor Ochieng.

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