By Holly Gilbert Stowell
Target is defending the way it handles management and oversight of customer data ahead of its annual shareholders meeting next week. The New York Times reports that Roxanne Austin, interim chairwoman of Target’s board, explains in a letter to the Securities and Exchange Commission (SEC) that the company has taken various steps to increase its information security since the historic breach last December, such as “accelerating its conversion to a more secure payment-card technology on its branded cards and in its stores and hiring a new chief information officer.” The letter states that before the breach, the company had spent “hundreds of millions of dollars” on IT security, including an increase in IT staff and annual data security training for employees. Some shareholder advisory groups have already called for a majority of Target’s directors to not be re-elected. The company’s chief executive officer, Gregg Steinhafel, stepped down in early May.
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