The Home Depot, Inc. (HD) Not Revealing Details About Security Breach

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The Home Depot, Inc. (NYSE:HD) has confirmed that its payment system’s security was breached online and all credit card purchases at its Canadian and U.S. Stores can get affected. Data theft analysts are predicting that The Home Depot, Inc. (NYSE:HD)’s breach can be bigger than its rival, Target Corporation (NYSE:TGT)’s breach last year. Discussing this issue in a program, CNBC’s David Faber and Jim Cramer said that the company is not giving much attention to this breach in the media to avoid panic in its customers.

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Faber said that Target was crushed in terms of public opinion and the company had to face a number of problems after a massive data breach last year. CEO of Target was fired as a result of the security breach. He said that keeping in view the size of The Home Depot, Inc. (NYSE:HD)’s credit card data volume and customer base, it can be said that this security breach is bigger than that of Target.

Jim Cramer said that Target was frank to share the complete details of its breach whereas Home Depot is not vocal about this breach. He said that customers of Home Depot don’t even know about this breach yet.

“[…] If there is a strategy, the strategy seems to low key it, so people don’t panic and don’t start going to load,” said Cramer.

Cramer added that security breaches are becoming more and more common and the threats are everywhere. He said that Home Depot must have installed some kind of secondary security layer on its system.

The Home Depot, Inc. (NYSE:HD) has said that so far there has been no evidence suggesting that debit personal identification numbers (PINs) were compromised in this data breach.

Billionaire investor Jim Simons of Renaissance Technologies is one of the shareholders of The Home Depot, Inc. (NYSE:HD), owning around 3.09 million shares of the company.

Disclosure: None

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