Nuts & Bolts: Eye on Privacy
Now, several bank associations are suing the retail giant, and the Federal Trade Commission (FTC) is investigating it. If the FTC finds TJX’s security procedures would not reasonably safeguard its customers’ data, it could find TJX guilty of engaging in unfair practices.
Consumers believe the companies they trust protect their personal information. But, as the TJX debacle shows, consumers’ trust is not always justified. TJX’s inattention to its customers’ data does not yet seem to have affected its bottom line. But only time will tell.
Elise Berkower is executive vice president of privacy strategy at Chapell & Associates, a privacy consulting firm in New York. She can be reached at email@example.com.