In a recently-released Form 8-K filing announcing fourth quarter and year-end financial results, Target Corporation reported that expenses incurred in 2014 relating to its 2013 data breach totaled over $191 million. Those expenses were offset by $46 million in insurance proceeds, resulting in a $145 million charge against Target’s 2014 operating results. The expenses incurred… Continue Reading
Written by Nancy Adams In a ruling that might provide a new path to data breach insurance coverage, DSW Shoe Warehouse, Inc. has prevailed in its attempt to obtain insurance coverage for losses associated with a data breach under a commercial crime policy. The Sixth Circuit Court Appeals, in Retail Ventures, Inc. et al. v…. Continue Reading
The 2010 Ponemon Institute study on the cost of data breaches has been released. The numbers are eye-opening. The average total cost per reporting company in the study was $7.2 million per breach — the most expensive data breach cost $35.3 million and the least expensive breach cost $780,000. Costs were incurred in the usual… Continue Reading
Written by Kevin McGinty It’s a distressingly common scenario. A corporate laptop containing job applicant data, including social security numbers, is stolen from an employee who has taken the laptop off of corporate premises. Access to the social security numbers makes it possible for wrongdoers to engage in identity theft. Is an applicant’s fear that… Continue Reading
By Susan Foster, Mintz Levin London As of April 6, 2010, the UK’s Information Commissioner’s Office (ICO) can levy fines of up to £500,000 for breaches of the Data Protection Act 1998 that are: • serious in nature • deliberate or reckless, and • likely to cause substantial damage or distress to an individual. The… Continue Reading
And the cash register continues to ring with respect to the Heartland Payment Systems Inc. breach. Heartland disclosed last week in a filing with the Securities and Exchange Commission that it has agreed to pay a maximum of $60 million to Visa Inc. and Visa card-issuing banks to settle claims arising out of the massive… Continue Reading
Here is a link to a couple of segments of a data security roundtable I participated in not long ago:http://www.businesswire.com/portal/site/home/permalink/?ndmViewId=news_view&newsId=20091222005345&newsLang=en Some very interesting discussions with folks who are on the cutting edge of data security. I’ll post the other segments as they are released.
Nearly 10 months after disclosing a months-long data breach that affected millions of consumers, the financial impact of the Heartland data breach continues to unfold. InformationWeek reports that Heartland stock prices plunged more than $500 million following the breach, and while shareholder value has rebounded, other breach related costs have thus far totaled $32 million,… Continue Reading