Home Depot (NYSE:HD) trying to cater to breach aftereffects
The breach at Home Depot (NYSE:HD) has become big news now. The company suffered the biggest data breach at its stores across the nation that affected over 56 million of its customers as reported by the company last Friday. Measures have been taken by the company to overcome this mishap as Home Depot (NYSE:HD) reported that it took care of the malware that was the cause of the breach. It also offered protection services to its customers so that the same instance would refrain from happening in the future. Credit monitoring for its customers is also one way the home improvement retailer aims at keeping its customer loyal. This includes monitoring of customer credit cards to make sure they cannot be used by unauthorized personnel.
Home Depot (NYSE:HD) was strained by the havoc that the breach caused. Therefore this Sunday, the company reported a letter to its website that apologized to its customers for the inconvenience. Along with this letter, a page includes directions as to how customers may apply for identity protection. The offer states that if any identity assistance is required in the following 12 months from September 8, 2014, then Home Depot (NYSE:HD) has the AllClear ID team ready to assist. The company states that there is nothing required on the consumer’s part at this time. The team will work to make sure financial losses are restored with credit back in your account and your identity given back to you if you are affected.
Target (NYSE:TGT) the retailer which also got hit by a breach had also made offers to overcome the aftermath to the 40 million consumers that were hit by the breach. Consumer Reports Magazine encourages that people who have had breaches in the past should consider offers like the one Home Depot (NYSE:HD) has given. The report continues to say that about 22% of people who have experienced breaches will in return experience identity fraud compared to 3% who have had no compromise to their data ever. So you can clearly see how the probability rises once your data is exposed.
At this point, it wouldn’t be wise for Home Depot (NYSE:HD) to tell its customers to sit back and relax as it deals with the breaches but Home Depot (NYSE:HD) is definitely not willing to pay for the 56 million in annual subscriptions in order to protect its customers against identity fraud. Home Depot (NYSE:HD) reported their stock this Friday at $92.34. In the 52-week period the amount was fluctuating between $73.74 and $93.75. The company reported to be inactive while trading on Monday. With the loyal customer pool, the retailer is in the clear of any havoc created by this breach. However the breach at Target (NYSE:TGT) that occurred before Home Depot’s (NYSE:HD), has made customers used to such experiences somewhat.
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If Home Depot (NYSE:HD) starts encouraging people to go for their ID Theft protection option, it could cost the company around $1 Billion a month.