An executive of Target Corp. says the retailer has taken actions to shore up security following the massive breach of millions of consumers' data during the holiday season. He urged banks, retailers and the government to work together to protect consumers.
John Mulligan, executive vice president and chief financial officer at the No. 2 U.S. discounter, testified at a hearing before the Senate Judiciary Committee.
It was the first public appearance by a Target executive addressing the issue since the breach that occurred between Nov. 27 and Dec. 15. An estimated 40 million credit and debit card accounts were affected.
Mulligan said Target is "deeply sorry" for the effect of the data theft on consumers, and he acknowledged that their confidence in the Minneapolis-based company has been shaken.