Cybersecurity Accounting: ACCOUNTING IMPACTS OF DATA BREACH

Executive summary

In the third quarter of 2013, Target Corporation suffered a colossal data breach that resulted in large amounts of personal information and huge financial losses, which affected tens of millions of Americans and adversely impacted the 2014 annual report. The 2014 annual financial statements of the company were adversely affected by the breach. This paper aims to discuss the effects of the company data breach on the 2014 annual financial report and the losses suffered the impact it had on the financial statements, March 13, 2015, Ernst and Young, and the weaknesses in the company's information system. The cyber accounting challenges and mitigation measures and trends in the face of cybersecurity are also examined.