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article imageTarget CEO assures public as investors push stock to 52-week low

By Michael Krebs     Jan 18, 2014 in Business
Target Corporation's CEO Gregg Steinhafel assured investors and consumers that its customers will not be on the hook financially for the data breach that appears to have been conducted by a 16-year-old Russian national.
In the wake of the retailer's large-scale data breach announced in late December, Target Corporation (TGT) continues to face widespread scrutiny. The company's stock traded at its 52-week bottom on Friday, as investors expressed their concerns on the impact to Target's reputation among the everyday consumers the discount retailer attracts.
In a conversation with CNBC on Monday, Target CEO Gregg Steinhafel assured the public that Target customers would not have any liability resulting from the credit card hack that affected 40 million customers, as KARE reported.
"There is clearly some fraudulent activity," Steinhafel said. "I think the important thing is, regardless of what the fraudulent activity is and that may change over time, there is zero liability for the guest. I mean we are responsible. We are accountable for all of it and we want to make that crystal clear to everybody that shopped in our stores. They have zero liability."
The data breach appears to have been the work of a 16-year-old Russian malware programmer who is well known in the underground hacking community, according to a Marketwatch report.
“He is still visible for us, but the real bad actors responsible for the past attacks on retailers such as Target and Neiman Marcus were just his customers,” Dan Clements, president of IntelCrawler, the firm that is claiming the Russian teen's involvement, said of the teen in a statement released by IntelCrawler.
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