As the world become more and more tech-savvy, internet security is becoming a major headache for big players in the game including the tech giants, Google Inc (NASDAQ:GOOGL) and Apple Inc (NASDAQ:AAPL). Apple had to deal with the recent incident iCloud hacking incident. Google Inc (NASDAQ:GOOGL) had similar troubles when millions of Gmail accounts got hacked.

Several other companies also became target to data security breach. Amongst others, Amazon Inc (NASDAQ:AMZN) and The Home Depot, Inc (NYSE:HD) were subjected to quite brutal attacks. It was much worse for The Home Depot, Inc (NYSE:HD), where 56 million credit card details where lost to hackers. Millions of customers reported unwarranted activities on their credit cards and lined up to register their complaints. This is being dubbed as the worst security breach in the history of customer data collection.

This hits the vendor of the credit card much worse than other parties involved. In case of an unauthorized or un verified transaction, the vendor ends up paying charge back fee; moreover they mostly do not get any refunds for the items that get shipped out as a result of these fraudulent transactions. These recent incidents have created a fear of using cards as payment methods.

The only good news is that most of the credit card companies are quite friendly and accommodating when handling such hacking issues. However, if the degree of breach or hacking is as big as the one The Home Depot, Inc (NYSE:HD) was hit with, it usually becomes a challenge for investigation teams at the credit card companies to track all victims and indentify hackers. These breaches also bring in law enforcement agencies such as FBI that play a vital role in tracking the source of the breach.

It is quite a dilemma where almost 56 million account information is vulnerable and at some random hacker’s mercy. The recent reports are not the only breaches to have occurred; many small and large corporations become a victim on a regular basis. However companies usually try to keep these breaches private due to the fear of bad press and customer loss. But when a breach occurs on a massive scale, it becomes impossible to keep the information from appearing as headlines.

A breach of 56 million customer accounts is an issue that can’t be forgotten easily. Home Depot, Inc (NYSE:HD) should look into having a better customer data security system in place. In addition, to keep their reputation intact, it must ensure that afflicted buyers are compensated in some way.

It needs to be understood that any transaction or activity that is done online is open to cyber crimes such as hacking. Therefore online shopping and transaction methods need to be upgraded and made more secure. Innovations such as Apple Inc. (NASDAQ:AAPL)’s Apple Pay seem to be a step forward in the right direction. However this technology is still in its nascent stages and is bound to show its own weaknesses. But it seems to be a solution that may just work, at least for a while before hackers figure out a way around it.

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