Fergie's Tech Blog

How TJX Became a Lesson In Proper Security

Andy Patrizio writes on internetnews.com:

The TJX security breach is threatening to rank as one of the most expensive lessons in corporate data security policies.

With the retailer facing anywhere from $500 million to nearly $1 billion in expenses, not to mention a black eye with the public over how their credit card data is secured, this experience should serve as a lesson to other retail outlets on securing their networks. How well they are learning is the question.

The latest chapter in this still-unfinished book is a settlement between TJX Companies and Visa U.S.A. Under the agreement, TJX will pay a maximum of $40.9 million to fund an alternative recovery payments program for customers affected by the breach. TJX has already taken the charge for the settlement, and by settling with Visa holders, staves of potential lawsuits.

posted by Fergie @ 12/04/2007 10:02:00 PM