More than year after their massive data breach was announced, Target has agreed to pay $10 Million in damages in a class-action lawsuit. The settlement could grant an individual victim up to $10,000.
The Target breach, which kicked off what would come to be known as the Year of the Data Breach, is estimated to have affected as many as 70 million people, and cost the retail giant $150 million already. The breach was so large that the Justice Department launched it’s own investigation into the matter.
Part of the class-action lawsuit also requires Target to up their cybersecurity game. They need to appoint a new Chief Information Officer, and recreate their security from the ground up.
“We are pleased to see the process moving forward and look forward to its resolution,” said Target spokeswoman Molly Snyder.
So, how does one qualify for this lawsuit? You have to prove that the data breach really cost you money or time. You have to be a bale to definitely prove one of the following:
– Unauthorized, unreimbursed charges on their credit or debit card
– Time spent addressing those charges
– Fees to hire someone to correct their credit report
– Higher interest rates or fees on the accounts
– Credit-related costs
– Costs to replace their identification, Social Security number or phone number
How is $10 Million going to cover the 70 million affected people? While a large chunk of us were affected by the breach, meaning we had to get new debit cards, hardly any of us will see a piece of this settlement. Most of us didn’t lose any money or time, and were therefore “not harmed” by the incident.
For information on how you can prevent your organization from being breached, visit www.miltonsecurity.com or call 714-515-4011.