What is the cost of a breach to a retailer?
We get asked this question all the time. Putting a number on this is exceptionally hard with so many variables coming into play. We expect that it is “a lot” -- as TJX companies found out this week.
The company, which owns large volume discount retailers T.J. Maxx and Marshall stores, was the victim of perhaps the largest credit card breach disclosed by a retailer to date. This week it was announced that that have settled lawsuits with over 41 states in a deal. Back in January 2007 TJX disclosed that its systems were hacked over a period of 18 months without security detecting the theft.
Under the terms of the settlement, the company has agreed to pay $9.75 million according to multiple reports.
SearchSecurity has a complete recap of the settlement here.