Target's CIO takes the fall for their security breach...

According to Racked.com, a top executive at Target has resigned following the holiday season security breach that affected 70 million customers and cost banks and consumers an estimated $22 million. According to NBC, Target's chief information officer - who had been with the company for six years - stepped down effective today.

Target's CEO said of the departure: "As a first step in this effort, Target will beconducting an external search for an interim CIO who can help guide Target through this transformation." The retailer is also working through its tech issues with an external adviser.