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.
About the Author(s)
You May Also Like
Beyond Spam Filters and Firewalls: Preventing Business Email Compromises in the Modern Enterprise
April 30, 2024Key Findings from the State of AppSec Report 2024
May 7, 2024Is AI Identifying Threats to Your Network?
May 14, 2024Where and Why Threat Intelligence Makes Sense for Your Enterprise Security Strategy
May 15, 2024Safeguarding Political Campaigns: Defending Against Mass Phishing Attacks
May 16, 2024
Black Hat USA - August 3-8 - Learn More
August 3, 2024Cybersecurity's Hottest New Technologies: What You Need To Know
March 21, 2024