Attacks/Breaches
3/13/2017
08:05 AM
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Home Depot Will Pay Banks $25 Million for 2014 Breach

Home Depot has already spent $179 million in compensation for the data breach, which affected 50 million customers.

Home Depot has agreed to pay affected banks $25 million in damages, and tighten its cybersecurity and vendor scrutiny, in a recent settlement involving its 2014 data breach, Fortune reports. The breach, which affected more than 50 million customers, has set the company back at least $179 million.

Financial organizations have already been paid $134.5 million in compensation. The company has also spent $19.5 million on affected consumers, including $13 million in cash in addition to credit monitoring services. How consumer loss should be calculated, and how much they should be compensated for a privacy breach, is highly debatable. The matter is currently under discussion after a Supreme Court order last year went against consumers in a privacy violation case.

Although Home Depot had set aside $161 million for paying damages in this case, the final cost of the breach is likely to exceed the $179 million already spent.

Read full story on Fortune.

Dark Reading's Quick Hits delivers a brief synopsis and summary of the significance of breaking news events. For more information from the original source of the news item, please follow the link provided in this article. View Full Bio

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JulietteRizkallah
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JulietteRizkallah,
User Rank: Moderator
3/13/2017 | 11:17:50 PM
Wait for GDPR
This is nothing compared to what breached organizations will have to pay once GDPR goes effective in may 2018. up to 2% of revenue in fine with a floor of 20M Euros.  Now that is steep!  And it won't be just the issue of European corporations. Any corporation dealing with European personal consumer data will be affected.
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