In the latest settlement of legal claims arising out of a massive 2014 data breach at Home Depot, the retailer has agreed to pay $27.25 million to affected financial institutions. Illustrating the real-world impact of poor security practices, a two-and-a-half-year-old data breach is ultimately going to cost the DIY purveyor as much as $179 million, and possibly much more once legal fees and any other undisclosed payouts are taken into account. The 2014 incident, which is the largest point-of-sale heist of all time, as well as the biggest credit-card compromise ever seen, affected 56 million different pieces of plastic. Now, banks that file valid claims will get $2 per compromised payment card without having to prove their losses, even if they have received compensation from another source.
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ORIGINAL SOURCE: Infosecurity Magazine