TJX Settle Security Breach Claims with 39 States

By Lawrence Walsh  |  Posted 2009-06-23 Email Print this article Print
 
 
 
 
 
 
 

TJX will pay 39 states nearly $10 million to settle claims resulting from the 2007 breach that resulted in the compromise of more than 94 million credit cards -- the largest identity theft and data breach on record. The case stands as the example of the consequences for failing to provide adequate, prudent security.

If you ever want to demonstrate the monetary cost of a security breach, look no further than the poster boy of identify thefts: TJX Companies. The incident, to date, has cost the clothing and homegoods retailer more than $320 million.

The parent company of clothing retailers T.J. Maxx and Marshalls today settled pending litigation with 39 state attorneys general for damage caused to the public good by the 2007 security breach of its corporate network that resulted in the theft of more than 94 million debt and credit card numbers.

Under the terms of the settlement, the 39 states will share a $9.75 million cash pool to compensate consumers for their losses associated with the security breach.

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Lawrence Walsh Lawrence Walsh is editor of Baseline magazine, overseeing print and online editorial content and the strategic direction of the publication. He is also a regular columnist for Ziff Davis Enterprise's Channel Insider. Mr. Walsh is well versed in IT technology and issues, and he is an expert in IT security technologies and policies, managed services, business intelligence software and IT reseller channels. An award-winning journalist, Mr. Walsh has served as editor of CMP Technology's VARBusiness and GovernmentVAR magazines, and TechTarget's Information Security magazine. He has written hundreds of articles, analyses and commentaries on the development of reseller businesses, the IT marketplace and managed services, as well as information security policy, strategy and technology. Prior to his magazine career, Mr. Walsh was a newspaper editor and reporter, having held editorial positions at the Boston Globe, MetroWest Daily News, Brockton Enterprise and Community Newspaper Company.
 
 
 
 
 
 

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