Connect with us

Hi, what are you looking for?

SecurityWeekSecurityWeek

Cybercrime

Target Agrees to $10M Settlement of Breach Lawsuit

Target has agreed to pay $10 million to settle a class action lawsuit stemming from the data breach the company experienced in 2013.

According to reports, Target will pay the money into an escrow account. Those that have documentation proving they incurred losses related to the breach are entitled to up to $10,000.

Target has agreed to pay $10 million to settle a class action lawsuit stemming from the data breach the company experienced in 2013.

According to reports, Target will pay the money into an escrow account. Those that have documentation proving they incurred losses related to the breach are entitled to up to $10,000.

The settlement was given preliminary approval today in court in Minnesota. Customers can file objections to the terms of the proposed settlement, and a final hearing has been set for Nov. 10, according to reports.

The attack compromised personal information and credit and debit cards belonging to millions of customers. In the aftermath of the breach, the retailer’s CEO and CIO resigned and were replaced.

Last month, the firm’s earnings report put the net expense of the breach at $162 million, with a gross total of $191 million. That amount was partially offset by a $46 million insurance receivable in 2014. In 2013, the company’s gross expense related to the breach was $61 million, which was offset by a $44 million insurance payment – bringing the net expense for the retail giant to $162 million.

“Unfortunately, there continues to be a large and growing market for stolen personal information, such as credit card numbers and account information,” said George Rice, senior director of payments, HP Security Voltage, in a statement. “And as long as there is a value on this data, thieves will continue to improve the sophistication of their attacks, making retailer and all consumer-facing businesses vulnerable.”

Written By

Marketing professional with a background in journalism and a focus on IT security.

Click to comment

Trending

Daily Briefing Newsletter

Subscribe to the SecurityWeek Email Briefing to stay informed on the latest threats, trends, and technology, along with insightful columns from industry experts.

Join the session as we discuss the challenges and best practices for cybersecurity leaders managing cloud identities.

Register

SecurityWeek’s Ransomware Resilience and Recovery Summit helps businesses to plan, prepare, and recover from a ransomware incident.

Register

Expert Insights

Related Content

Cybercrime

The changing nature of what we still generally call ransomware will continue through 2023, driven by three primary conditions.

Cybercrime

A recently disclosed vBulletin vulnerability, which had a zero-day status for roughly two days last week, was exploited in a hacker attack targeting the...

Cybercrime

As it evolves, web3 will contain and increase all the security issues of web2 – and perhaps add a few more.

Cybercrime

Luxury retailer Neiman Marcus Group informed some customers last week that their online accounts had been breached by hackers.

Cybercrime

Zendesk is informing customers about a data breach that started with an SMS phishing campaign targeting the company’s employees.

Cybercrime

Patch Tuesday: Microsoft calls attention to a series of zero-day remote code execution attacks hitting its Office productivity suite.

Artificial Intelligence

The release of OpenAI’s ChatGPT in late 2022 has demonstrated the potential of AI for both good and bad.

Cybercrime

Satellite TV giant Dish Network confirmed that a recent outage was the result of a cyberattack and admitted that data was stolen.