Breach, Compliance Management, Data Security, Privacy

Target breach costs company $191M, financials show

More than a year after a breach affected millions of customers who shopped at Target, the company is still feeling the financial impact, racking up $191 million in expenses related to the breach, both its Q4 and 2014 earnings reports showed.

Of the $191 million, $46 million was covered by insurance, figures that are in line with the projections Target made in August. 

The company had already spent $61 million in Q4 2013 for the breach, which occurred in November and December of that year, with insurance picking up the tab for $44 million of that.

The retailer didn't breakdown the expenditures though they have put $5 million into a cybersecurity coalition and are beefing up the security of their payment system by switching to chip and PIN-enabled Red cards for a reported investment of $100 million.

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