Breach, Threat Management, Data Security

Home Depot to pay $25M in breach settlement


Following a massive breach, retailer Home Depot has agreed to pay off a settlement of $25 million for damages resulting from the incursion in 2014 that exposed personal information of more than 50 million customers.

Hackers managed to infiltrate the chain store's self check-out terminals to purloin email and credit card data

Under terms of the agreement, Home Depot also must improve its cybersecurity implementations, including tighter oversight of its vendors.

"We're pleased to have moved through this phase of resolution," Stephen Holmes, a spokesman for Home Depot, said.

Home Depot is already out of pocket some $134.5 million which it paid in compensation to card brands and financial institutions. As well, it agreed last year to compensate affected customers to the tune of $19.5 million.

The cost of the breach is currently running around $179 million, based on figures in court documents, Fortune reported. But, that figure is expected to rise considerably factoring in legal fees and other charges.

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