Home Depot – The Aftermath of 2014 Breach
In 2014, Home Depot experienced one of the largest security breaches in history. The company is still working out settlements to clear up the matter, but have made a step in the right direction. Fortune recently disclosed Home Depot settled with dozens of banking institutions for 25 million dollars to cover any damages as a result of the breach.
Along with the most recent settlement, this breach has cost Home Depot 134.5 million dollars in payments to banking facilities, as well as major credit card companies, to cover fraudulent transactions. This is on top of the 19.5 million dollars paid to consumers in cash refunds and credit monitoring services. This makes for a whopping total of 179 million dollars paid out thus far by the home improvement giant. And the settlements aren’t even over yet!
Beyond financial compensation, the company is also being held responsible for tightening their cyber security practices in an attempt to mitigate future breaches. Hopefully their enhanced security measures are more successful than their previous methods of protection. Although the company is incredibly successful, there are doubts it could afford another multi-million dollar breach.
Stay tuned for further news as Home Depot continues to settle this matter.