Target In $39.4 Million Data Breach Settlement
Businesses may be inspired to look further into endpoint protection after hearing how Target in the US has agreed to pay $39.4 million in a settlement with banks and credit unions, resolving class-action claims that hold the company responsible for costs relating to reimbursing charges and issuing new credit and debit cards to customers.
Target has admitted that a minimum of 40 million credit cards were affected when the breach took place in 2013 and that up to 110 million people could have been affected by personal information thefts of phone numbers and email addresses, Reuters reports.
The plaintiffs’ lawyers, Karl Cambronne and Charles Zimmerman, said in a statement: “Financial institutions should not always have to bear the burden of extensive costs related to merchant data breaches over which they have no control.”
The settlement will see Target pay up to $20.25 million to credit unions and banks, and a further $19.11 million to MasterCard Inc card issuers. Late last month, the company admitted that it had spent $290 million as a result of the data breach and would expect its insurers to reimburse it with $90 million of that.
As you can see, being targeted by hackers can prove incredibly costly for businesses, which is why you need to take all the necessary precautions to help this from happening in the first place. Could you afford to pay such a hefty bill as Target? If you’re worried and want to make security a priority in the new year, get in touch with us here at in the Cloud IT to see how we can help.