Owing to a slew of lawsuits filed by banks and credit unions, the expected cost to Home Depot for a cyber intrusion may reach into the billions, according to Insurance Business America (IBA).

The retailer recently stated it has already spent $232 million as a result of the breach last September, when hackers used a vendor's stolen logon credentials to penetrate its computer network and insert malware that siphoned off payment-card data and email addresses of 56 million customers.

But that figure is projected to escalate as Home Depot contends with the lawsuits which charge the retailer with "ignoring warnings from security experts that its computer systems were vulnerable to attack," according to the IBA article.

While Home Depot had an insurance policy covering a cyber attack, only $100 million of the breach was covered.