Home Depot Security Breach 2017

For Home Depot the cost of the breach is at least 179 million according to court documents.

Home depot security breach 2017. The Home Depot Data Breach. The theft of payment card information has become a common issue in todays society. The final total though is likely to be much higher because of legal fees and any other undisclosed payouts Fortune said.

On March 9 2017 Home Depot Inc. Home Depot has agreed to pay 25 million to banks for damages they incurred as a result of the breach one of the biggest in history. Home Depot reached an agreement that includes the payment of 25 million and the implementation of new data security measures to resolve a putative class action brought by financial institutions impacted by the companys 2014 data breach.

Under the proposed settlement Home Depot will pay 25 million to a settlement fund for distribution to the banks and financial. In the subsequent US state lawsuits Home Depot was criticized in its failure to stay compliant and keep resources secure from hackers. The 2014 data breach involved the theft of Home Depot customers personal information including names.

Cybersecurity Should Never Be Overlooked. Illustrating the real-world impact of poor security practices a two-and-a-half-year-old data breach is ultimately going to cost the DIY purveyor as much as 179 million and possibly much more once legal fees and any other undisclosed payouts are taken into account. 179 Million for Home Depot Mar 14 2017 Cybersecurity News When considering how much to invest in cybersecurity defenses be sure to bear in mind the potential cost of a retail data breach.

On March 8 2017 a proposed settlement agreement was submitted for court approval to conclude class action litigation by certain banks and other financial institutions against Home Depot relating to a 2014 breach of Home Depots payment data systems. Home Depot has stated that so far the costs related to the breach and the recovery efforts have reached approximately 62 million. The start of the attack stemmed from stolen email addresses disclosed after a third-party.

The average fraudulent purchase is. Home Depot reached an agreement that includes the payment of 25 million and the implementation of new data security measures to resolve a putative class action brought by financial institutions impacted by the companys 2014 data breach. On March 9 2017 Home Depot Inc.