Data breach costs: TJX settles for 9.75 million dollars
Remember TJX? The company who had experienced the largest data breach in history? The one that exposed at least 45.7 million debit and credit card accounts to fraud, theft and other menaces? Yes, that TJX. This company is the perfect show case to scare off companies into implementing an effective endpoint security and data loss prevention solution. Because the amounts they kept paying since having discovered the breach simply make us a little dizzy. Ok, a lot 
The latest TJX related news is of a lawsuit settlement of 9.75 million dollars reported by Search Security. The lawsuit was brought by Attorney Generals in 41 states and according to the settlement the sum will be devided as follows: 2.5 million to create a data security fund for states, a settlement amount of 5.5 million and 1.75 million to cover expenses related to the states’ investigations.
According to reports from early 2009, TJX had paid a 40.9 million dollars settlement and organized a big time sale for its customers throughout North America, to compensate for the data breach damage. The same source stated TJX had prepared a 118 million dollars fund to deal with the consequences. Well, they probably can afford it. Can your company afford 20% of that? If not, or you’d rather do something constructive with your data, take control of your confidential data now. Not later, now
June 30th, 2009 at 7:25 pm
[...] If you need more reasons to act now, just go ahead and evaluate the costs of a real data breach! [...]