Cybersecurity expert: Data breaches evolving

Cybersecurity expert: Data breaches evolving
Home Depot is investigating a possible data breach. (Source: MGN Online)
Home Depot is investigating a possible data breach. (Source: MGN Online)

Home Depot is investigating a report that consumer credit and debit card data was stolen and put up for sale online.

(WOIO) - According to one report, the Home Depot data breach could be massive.

Many banks are saying the store could be the source of the latest problem.

Companies, like Target, have dealt with similar issues of customers' private information being compromised.

One cybersecurity expert says this type of crime is becoming more sophisticated.

"You used to talk about college kids in dormitories doing hacking. It's not that way any longer. Sure, they're doing those things. But what we're hearing about today are very sophisticated, organized crime elements, said Timothy Opsitnick with JurInnov.

Cyber criminals know there's money to be made.

The suspected hackers in this case may be from Russia and Ukraine, just like in the Target case.

Consumers should take a close look at their credit card statements.

"Anything that occurs fraudulently is going to appear on those statements, so you need to check them. And you should have been doing that all along," said Opsitnick.

Some estimates say that one-third of the American population has been affected by the breaches.

The companies feel the impact, too.

"We know what it caused Target's stock price to do. The market cap itself, the results could be substantial," said Opsitnick.

The U.S. Secret Service estimates that more than 1,000 businesses have been hit by these cyber thieves.

Experts say with the money at stake, that's not a surprise.

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