business news in context, analysis with attitude

The International Herald Tribune reports that US prosecutors “have charged 11 people with stealing more than 41 million credit and debit card numbers, cracking what officials said on Tuesday appeared to be the largest hacking and identity theft ring ever exposed. The thieves focused on major national retail chains like OfficeMax, Barnes & Noble, BJ's Wholesale Club, the Sports Authority and T. J. Maxx — the discount clothes retailer that first suggested the existence of the ring early last year, when it said its systems had been breached by hackers.

“Underscoring the multinational, collaborative aspect of organized crime today, three of the defendants are United States citizens, one is from Estonia, three are from Ukraine, two are from China and one is from Belarus. The name and whereabouts of the final defendant are unknown.”

KC's View:
Multinational. Collaborative.

Let’s call it the new ECR: Efficient Criminal Response.

If we can get traction with this acronym, there will be seventeen consultancies building business plans around it by noon next Tuesday.