Home Depot spent up to $43M on data breach during just one quarter

Home Depot is suffering the financial cost of a major data breach, spending $43M in one quarter alone.

Published Fri, Nov 28 2014 1:47 PM CST   |   Updated Tue, Nov 3 2020 12:13 PM CST

Following a massive data breach that left 56 million debit and credit card details stolen, along with 53 million email addresses, the company spent $43 million during Q3 to deal with the aftermath. The company expects to receive $15 million reimbursement as part of a $100 million network liability insurance policy - and must now work to ensure the problem doesn't occur again.

Home Depot spent up to $43M on data breach during just one quarter | TweakTown.com

Meanwhile, the company faces multiple lawsuits and will "incur significant legal and other professional services expenses" due to the incident. The company's payment card data network was complaint in fall 2013, and was undergoing 2014 certification when the breach occurred, according to an independent auditor.

"The forensic investigator working on behalf of the payment card networks may claim the company was not in compliance with those standards at the time of the data breach," Home Depot noted.

An experienced tech journalist and marketing specialist, Michael joins TweakTown looking to cover everything from consumer electronics to enterprise cloud technology. A former Staff Writer at DailyTech, Michael is now the West Coast News Editor and will contribute news stories on a daily basis. In addition to contributing here, Michael also runs his own tech blog, AlamedaTech.com, while he looks to remain busy in the tech world.

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