Sears’ Kmart has experienced a data breach that has affected potentially 1200 stores nationwide. The mainstream media often paints the fledgling Bitcoin industry as a hotbed of companies that lack the proper regulatory oversight to protect consumers and users from hacks. However, many of the hacks occurring in the world right now, particularly those that rely on exploiting pull payment systems, can be avoided with the use of Bitcoin technology. In a statement released on the 9th, Kmart revealed the extent of the breach.
“According to the security experts Kmart has been working with, the Kmart store payment data systems were infected with a form of malware that was undetectable by current anti-virus systems,” the company said. “Kmart was able to quickly remove the malware. However, Kmart believes certain debit and credit card numbers have been compromised.”
Sears has experienced posted losses for the last nine consecutive quarters. As a result, Sears’ insurance providers have backed out their policies covering Sears. Similar circumstances have previously preceded the bankruptcy protection filings of age-old brands such as Borders and Circuit City. On the other hand, some companies such as JC Penney have been able to bounce back from losing insurance coverage. Sears has the advantage of owning a brand name that is recognizable as well as millions of dollars of merchandise; however, experiencing a cybersecurity breach has really hit Sears while they are down.
Also shocking the world into a security mindset is the recent confirmation by Dairy Queen (Owned by Buffett’s Berkshire Hathaway) of suspected sensitive consumer data being lost. Reports of leaked information from DQ was reported by security experts weeks before the breach was confirmed by corporate. Each cyber hack of a centralized corporate business, such as Home Depot, or a centralized storage system, such as iCloud, reminds the world that better methods are available. When using Bitcoin, sensitive information does not get entrusted t0 vulnerable systems.
Images from Shutterstock.
Last modified: August 4, 2020 9:16 AM UTC