theDocumentId => 1336443 Target Seeks $74M in Data Breach Reimbursement from ...

Dark Reading is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them.Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Attacks/Breaches

11/22/2019
02:45 PM
100%
0%

Target Seeks $74M in Data Breach Reimbursement from Insurance Company

The funds would cover some of the money Target paid to reimburse financial institutions for credit card replacement after the 2013 breach.

This article was updated November 25 with comment from Target.

Target has paid banks $138 million to settle claims made by banks stemming from the retailer's massive 2013 data breach. Of that total, $74 million has not been reimbursed by the company's insurers, and now Target has gone to court to force insurance companies to pay up.

The numbers come from a lawsuit filed this week against ACE American Insurance Co., now part of the Chubb Corp. In the suit, Target says that it has been in discussions with ACE for more than a year, but has reached no resolution on claims that ACE has so far refused to recognize.

According to a statement given to Dark Reading by Target, "Target has been in discussions with the American Insurance Company (ACE) for over a year and recently filed a lawsuit against ACE to recoup costs Target had to pay banks for printing and mailing replacement payment cards after the 2013 data breach. We believe the costs are covered within the scope of the insurance policy Target has with ACE and are focused on resolving the outstanding claim."

Target paid the banks to reimburse expenses the financial institutions incurred in canceling and reissuing physical payment cards. In total, Target says that it had about $292 million in expenses related to its data breach, about $90 million of which have been offset by insurance.

For more, read here.

Check out The Edge, Dark Reading's new section for features, threat data, and in-depth perspectives. Today's top story: "In the Market for a MSSP? Ask These Questions First."

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
 

Recommended Reading:

Comment  | 
Print  | 
More Insights
Comments
Oldest First  |  Newest First  |  Threaded View
Edge-DRsplash-10-edge-articles
I Smell a RAT! New Cybersecurity Threats for the Crypto Industry
David Trepp, Partner, IT Assurance with accounting and advisory firm BPM LLP,  7/9/2021
News
Attacks on Kaseya Servers Led to Ransomware in Less Than 2 Hours
Robert Lemos, Contributing Writer,  7/7/2021
Commentary
It's in the Game (but It Shouldn't Be)
Tal Memran, Cybersecurity Expert, CYE,  7/9/2021
Register for Dark Reading Newsletters
White Papers
Video
Cartoon
Current Issue
The State of Cybersecurity Incident Response
In this report learn how enterprises are building their incident response teams and processes, how they research potential compromises, how they respond to new breaches, and what tools and processes they use to remediate problems and improve their cyber defenses for the future.
Flash Poll
How Enterprises are Developing Secure Applications
How Enterprises are Developing Secure Applications
Recent breaches of third-party apps are driving many organizations to think harder about the security of their off-the-shelf software as they continue to move left in secure software development practices.
Twitter Feed
Dark Reading - Bug Report
Bug Report
Enterprise Vulnerabilities
From DHS/US-CERT's National Vulnerability Database
CVE-2021-32686
PUBLISHED: 2021-07-23
PJSIP is a free and open source multimedia communication library written in C language implementing standard based protocols such as SIP, SDP, RTP, STUN, TURN, and ICE. In PJSIP before version 2.11.1, there are a couple of issues found in the SSL socket. First, a race condition between callback and ...
CVE-2021-32783
PUBLISHED: 2021-07-23
Contour is a Kubernetes ingress controller using Envoy proxy. In Contour before version 1.17.1 a specially crafted ExternalName type Service may be used to access Envoy's admin interface, which Contour normally prevents from access outside the Envoy container. This can be used to shut down Envoy rem...
CVE-2021-3169
PUBLISHED: 2021-07-23
An issue in Jumpserver 2.6.2 and below allows attackers to create a connection token through an API which does not have access control and use it to access sensitive assets.
CVE-2020-20741
PUBLISHED: 2021-07-23
Incorrect Access Control in Beckhoff Automation GmbH & Co. KG CX9020 with firmware version CX9020_CB3011_WEC7_HPS_v602_TC31_B4016.6 allows remote attackers to bypass authentication via the "CE Remote Display Tool" as it does not close the incoming connection on the Windows CE side if t...
CVE-2021-25808
PUBLISHED: 2021-07-23
A code injection vulnerability in backup/plugin.php of Bludit 3.13.1 allows attackers to execute arbitrary code via a crafted ZIP file.