Data Theft: Payout

Following the theft of credit card details in 2008 from TJ Maxx, TJ Maxx has been forced to payout a $9.75 million fine in a settlement with dozens of states in the US.  The scale of this fine is huge, especialyl consdiering the data was not lost, but stolen, and people have been convicted for it.

“The decision to enter into this settlement reflects TJX’s desire to concentrate on its core business without distraction and to promote cybersecurity measures that will benefit all consumers,” the company said in a statement.

TJX said the settlement’s costs are accounted for in a 2007 reserve it created.

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