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Home Depot to Pay Another $25M in Data Breach Settlement

Home Depot to Pay Another $25M in Data Breach Settlement

Home Depot is adding a $25 million settlement with banks and credit card companies to its rising data breach costs, which are nearing $200 million total.

In September 2014, the retailer confirmed the massive data breach, which exposed payment card information from more than 50 million customers.

This month, Home Depot agreed to pay $25 million for damages that financial institutions faced as a result of the breach, Fortune reports.

The big box has been amassing data breach-related expenses, such as legal fees and the costs of improving its data security, over the past three years.

In March 2016, the company also agreed to pay $19.5 million to compensate customers for losses and provide identity protection.

The latest settlement “requires Home Depot to tighten its cyber-security practices and to subject its vendors to more scrutiny—a measure tied to the fact that a security flaw by a third-party payment processor made the hacked self-checkout terminals vulnerable,” Fortune reports in a March 9 article.

Home Depot has also paid at least $134.5 million to groups that include Visa, MasterCard and various banks as members, Fortune says.

The total cost of the breach has risen to at least $179 million, according to court documents, Fortune reports.

About Renee Changnon

Renee Changnon
Renee Changnon is an assistant editor for Hardware Retailing magazine. She reports on industry news and new products, visits retailers and attends industry events. She graduated from Illinois State University, where she earned a degree in Visual Journalism and was the features editor for the school newspaper, The Daily Vidette. After college, Renee worked for Jimmy John’s, where she implemented marketing and promotions initiatives at franchise locations across the country. Renee is from Champaign, Illinois, and is new to Indianapolis. She enjoys reading, Netflix marathons and exploring her new city with friends and family.