Target agrees to settle consumers’ data breach claims for $10M
Last year, we published an article on MFT Nation bog relating to the December 2013 data breach involving the theft of records for millions of Target customers. Since then, we and many other interested parties have pondered the potential costs associated with such a catastrophic event. Well, today we received word on what it will cost Target to resolve just one aspect of the breach.
According to papers filed in the federal district court in St. Paul, Minnesota, Target has reached an agreement to settle all claims in a class action lawsuit filed by consumers whose financial/personal information was compromised. In the proposed settlement agreement, Target has agreed to provide a settlement fund of $10 million to be distributed to class members. Class members will be eligible for reimbursement up to $10,000 each. The settlement also requires Target to pay any attorneys’ fees and costs awarded to class counsel.
In addition to the cash payments, Target has agreed to implement certain data security measures, including the following: (1) hiring a chief information security officer for its consumer information security program; (2) creating a written information security program with security metrics that will be periodically reviewed; (3) instituting a monitoring process for information security risks; and (4) providing security training for employees.
These are all good steps to take in order to ensure better data security. If you need help with implementing data security measures in your organization, please contact our data security experts at firstname.lastname@example.org.