Fergie's Tech Blog

Data Breach Lawsuits Pile up on T.J. Maxx

Ed Sutherland writes on internetnews.com:

Wait until earnings later this month. That's when TJX Companies, parent of retail giants T.J. Maxx, Marshalls and others, is expected to know more about the extent of damages from a recent intrusion into its computer systems containing customer data.

The Framingham, Mass.-based company said it will record a charge of one penny per share in the fourth quarter of fiscal year to cover the costs of investigating the intrusion, beefing up computer security, customer communications and legal fees.

The costs may go higher. Already, consumer groups and banks have filed suit since TJX's Jan. 18th announcement disclosing the breach. Between 2003 and mid-May through December 2006, the company said, hackers accessed customer information, including credit card and debit card, driver's licenses and customer names.

posted by Fergie @ 2/02/2007 12:13:00 PM