Fergie's Tech Blog

TJX Could Pay Mastercard $24M Over Breach

An AP newswire article by Mark Jewell, via MSNBC, reports that:

Discount retailer TJX Cos. could pay as much as $24 million in a settlement Wednesday with MasterCard Inc. over a massive breach that exposed tens of millions of payment card numbers to hackers.

The pact came as a group that tracks U.S. data breaches reported the number of cases in the first three months of this year was more than double the total in last year's first quarter.

The MasterCard agreement, which follows a similar $40.9 million pact in November with Visa Inc., hinges on banks that issue MasterCards agreeing to waive rights to sue TJX in exchange for being paid for breach-related costs.

posted by Fergie @ 4/02/2008 04:12:00 PM