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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.

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JulietteRizkallah
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JulietteRizkallah,
User Rank: Ninja
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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