Home Depot Will Pay Banks $25 Million for 2014 Breach
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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