In 2014, Home Depot suffered a massive data breach “in which payment card or other personal data was stolen from more than 50 million people,” CNBC reports.
The home improvement store continues to grapple with the fallout. Most recently, it has agreed to settle a consumer class lawsuit for almost $20 million — $13 million in cash and $6 million in personal data protection and monitoring. “The $13 million will compensate consumers with documented out-of-pocket losses or unreimbursed charges.” The federal court in Atlanta must still approve the settlement.
This is just a small piece of Home Depot’s losses, however. Back in November, the company estimated that it had already incurred $152 million in expenses from the breach. If your company collects consumer data, there is nothing more important than keeping that data secure. Monitor your systems and have them audited regularly. Or it could cost you, too.