Leading freight forwarding company, United Parcel Service, Inc. (UPS - Analyst Report) is the latest to fall prey to cyber attacks. The company has reportedly faced malware attacks across 51 U.S. stores, which represents 1% of the existing 4,470 UPS stores in the U.S.
According to the company, customer details such as debit and credit card information for cards used in any of the breached stores may likely be exposed to hackers who have caused these cyber crimes in the UPS system.
The company has also issued an apology to those whose data may have been compromised on grounds of the latest cyber attack. While UPS is still investigating the attack, it has created an online forum to address customer concerns. Further, the company is encouraging customers to track suspicious debit and credit card account activity while it ensures to offer complimentary credit monitoring services and identity fraud protection to customers whose information might have been compromised.
The impact of cyber threats in today’s computer-dependent economy poses a major concern across the globe. Aside of UPS, companies like Neiman Marcus, Michaels Companies Inc. (MIK - Snapshot Report), Target Corp. (TGT - Analyst Report) and SUPERVALU Inc. (SVU - Analyst Report) have also been victims to similar cyber crimes.
Despite stringent regulation, cyber criminals continue to roam free at large. Countries and corporations are bracing up Internet security to fight the terror of cyber crime and are developing necessary strategies to upgrade government computer systems and expand cooperation with other countries. Efforts to improve coordination within the private sector are also evident. With increased spending by government and large enterprises, we believe companies will be encouraged to develop innovative products for a more secure cyber space.
UPS currently has a Zacks Rank #3 (Hold).