Home Depot

If retailers want to keep both their customers’ financial data as well as their brand reputation out of harm's way, it's imperative they take the right steps in protecting vulnerable information. Below are five critical steps that retailers need to be taking to keep their customers’ financial information safe from a potential breach:

The retail industry had some great moments in 2014 — Apple Pay, gains in mobile commerce — however, there were some forgettable decisions made as well. Here's my take on retail's most cringeworthy moments of the year:

The retail industry is a prime target for fraud and data breaches. One of the reasons why the retail industry is so attractive to fraudsters is because every transaction has the potential to yield multiple types of customer data associated with credit and debit cards, whether it comes from infecting in-store technology or if data is stored elsewhere. Contrary to what you may think, however, brick-and-mortar retailers, which carefully deploy heavily tested and proven point-of-sale (POS) software to handle critical checkout tasks in-store, may be struggling more than online retailers, who have much more frequent updates to their order and payment applications to protect customers’ sensitive personal data and banking information. 

Millions of Target customers whose credit card data and identifying information was stolen by hackers face the prospect the retailer owes them nothing for their ensuing troubles, and they may have the government to thank for it. The retailer is counting on a U.S. Supreme Court ruling from last year grounded in the principle of no harm-no foul to win dismissal of about six dozen lawsuits that piled up after it disclosed a massive data breach six days before Christmas. 

The online retail industry is booming. E-commerce generated $231 billion in sales for U.S. retailers last year and is expected to increase 13 percent to $262 billion this year, according to Forrester Research. The growth of e-commerce, which already accounts for about 8 percent of total retail sales in the U.S., is expected to outpace sales growth at brick-and-mortar stores over the next five years, reaching $370 billion in sales by 2017. Retail companies are investing in

The Home Depot will buy HD Supply's Hardware Solutions unit, formerly known as Crown Bolt, for an undisclosed amount. Atlanta-based Home Depot said the acquisition boosts it supply chain capabilities and hardware product offerings. The deal is expected to close by the end of 2014. HD Supply Hardware Solutions supplies fasteners and builders hardware to retailers in the United States. It was The Home Depot's 2013 Hardware Vendor of the Year.

Home Depot faces at least 44 lawsuits in the United States and Canada over a massive data breach earlier this year that affected 56 million debit and credit cards. The nation's biggest home improvement retailer said Tuesday in a regulatory filing that several state and federal agencies also are looking into the data breach and it may face more litigation from customers, banks, shareholders and others. Home Depot said the litigation and the investigations may distract management and affect how it runs its business. It also could lead to additional costs and fines. 

Home Depot, which suffered a data breach between April and September, said 53 million email addresses were taken by hackers during the attack, in addition to the 56 million payment cards that were previously disclosed. Home Depot also said that the criminals used a third-party vendor's user name and password to reach the perimeter of its network, then gained additional rights to navigate the company's systems. Hackers used custom-built software on Home Depot's self-checkout terminals in the U.S. and Canada to access customer data, according to a statement yesterday. 

Staples is the latest in a long line of retailers to suffer a data breach. Many retailers are wondering if they're next. Some companies are looking to implement technology to hopefully avoid an attack on their customers’ data. Near-field communication (NFC) technology is at the top of the list, bringing real-time engagement to customers with smartphones and other enabled devices within a short range. When used for payments, no personal information is "handed over" through the system, making NFC technology a very secure method of wireless communication.

J.C. Penney ended a year long search for a chief executive, naming retail industry veteran Marvin Ellison to replace interim CEO Myron Ullman in August 2015.The department store operator's shares rose 3.2 percent to $7.35 in early trading on the New York Stock Exchange on