Target Wants to Settle Data Breach Case for $10mAdded: Tuesday, March 24th, 2015
Category: Recent Headlines Involving File Sharing > Current Events
Tags:ET, p2p, Torrent, Piracy, Peer To Peer, Network, Hackers, Internet, BitTorrent, Google, utorrent, bitcomet, extratorrent, www.extratorrent.cc, 2015
The Minneapolis-based retail chain has suggested to pay $10m to settle a class-action lawsuit filed against the retailer after a massive data breach two years ago. Its customers who became victims of the breach were offered to receive up to a maximum of $10,000.
Two years ago, details of 40 million credit and debit card accounts leaked in the largest Target’s data breach, which hurt its holiday sales at the time. Target had to offer free credit monitoring for affected customers and overhaul its security systems.
The suggested $10m settlement would also require the retailer to appoint an information security officer, keep a written information security program and provide security training to its employees. Target will also have to monitor for data security events and respond to potential threats. Target announced that the funds for reimbursements would be stored in an interest-bearing escrow account. As for the claims from victims, they are expected to be submitted and processed online via a dedicated website.
Actually, the company had to work hard to keep its loyal customers, because many of them hesitated to shop there after the incident. For example, the retailer offered free shipping on all items over the last holiday season, and is now going to halve its minimum online purchase to qualify for free shipping. Finally, Target decided to allow returns for up to 12 months for its private and exclusive brands.
As a result, Wall Street met with optimism the company’s bounce back from a turbulent stretch including that large data breach and exit from the Canadian market. Target’s stock now traded above $80 for the first time, its price has reached another all-time high that it began to log right ahead of the start of the crucial holiday shopping season.
A few weeks ago, the retailer announced that it was going to lay off around 1,700 people, close another 1,400 unfilled positions and also cut $2bn in expenses. The company is also going to focus more on technology in order to encourage online sales growth, but this is expected to involve about $1bn aimed at developing business from the customers who prefer online shopping. So, Target’s suggestion about the settlement will be heard at a court hearing in a few days.Posted by: Date:
Tuesday, March 24th, 2015
|So they got breached and they have decided not to just go for retribution but to use this instance not to move away from technology or simply get a more secure server that has created the problem, but to lay off people and stores in order to facilitate more shopping electronically,sounds seriously wrong as electronic sales should be a bonus to store sales especially in light of the breach or any other electronic hiccup's like power outages or their database getting corrupted etc.For years stores have been wifi hacked and they still are,better security is whats needed not getting rid of people for machines that are inherently flawed and requiring maintenance and regular upgrades,support staff,etc,etc.||
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