Target’s data breach payout to Visa may hit $67 million
It’s nearly two years since Target suffered its giant shopping data breach, and the retailer is still paying for its mistakes. In the wake of a $19 million payout to MasterCard, Target has reached a settlement with Visa over compensation for the many, many customers exposed to potential credit and debit card fraud. Neither side is revealing the specifics, but the Wall Street Journal understands that Target will pay up to $67 million. That’s a significant blow for a breach, though not crushing for a company that raked in $635 million in profit last quarter. Target adds that it already factored these costs into its previous earnings reports, but this should still serve as a friendly reminder that lax security can prove costly in more ways than one.
[Image credit: AP Photo/Robert F. Bukaty]
Filed under:
Internet
Via:
Bloomberg
Source:
Wall Street Journal
Tags: breach, data, databreach, fraud, internet, retail, settlement, shopping, target, visa
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