Home Depot to Pay $19.5 Million for 2014 Breach
Posted by: Timothy Weaver on 03/19/2016 07:47 AM
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As a result of the 2014 breach of Home Depot, the company has agreed to a $19.5 million dollar settlement.
The settlement brings to a close one of the biggest breaches with 50 million credit card numbers stolen and 53 million email addresses also pilfered by unknown attackers.
The settlement breaks down to $13 million to reimburse impacted customers for out-of-pocket losses related to the breach along with $6.5 million to cover 18 months of cardholder identity protection services. This is the consolidation of 57 class actions lawsuits.
For its part, Home Depot has publicly stated: “We wanted to put the litigation behind us, and this was the most expeditious path,” according to a statement by Stephen Holmes, a Home Depot spokesperson speaking to Reuters news agency.
The settlement also includes the company hiring a chief information security officer and spending the next two years enhancing its cyber-defenses.
From the company’s point of view, though unsuccessful, it argued that stolen cards are a normal course of business for financial institutions. The settlement with credit card issuers is yet to be adjudicated.
Source: ThreatPost
The settlement brings to a close one of the biggest breaches with 50 million credit card numbers stolen and 53 million email addresses also pilfered by unknown attackers.The settlement breaks down to $13 million to reimburse impacted customers for out-of-pocket losses related to the breach along with $6.5 million to cover 18 months of cardholder identity protection services. This is the consolidation of 57 class actions lawsuits.
For its part, Home Depot has publicly stated: “We wanted to put the litigation behind us, and this was the most expeditious path,” according to a statement by Stephen Holmes, a Home Depot spokesperson speaking to Reuters news agency.
The settlement also includes the company hiring a chief information security officer and spending the next two years enhancing its cyber-defenses.
From the company’s point of view, though unsuccessful, it argued that stolen cards are a normal course of business for financial institutions. The settlement with credit card issuers is yet to be adjudicated.
Source: ThreatPost
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