Home Depot offers $19.5M for 2014 data breach
The company isn’t taking blame for putting the information of 56 million customer credit cards at risk, but says the settlement is the ‘most expeditious path’ to resolution.
On Tuesday, Home Depot agreed to pay roughly $19.5 million to remedy its security crisis, which affected the consumer information on an estimated 56 million credit cards.
The settlement amount includes a $13 million fund to reimburse affected Home Depot customers for their losses, as well as roughly $6.5 million to give credit card customers 18 months of identity protection services.
The court must still approve the settlement offer. Aside from the monetary concessions, Home Depot said it will improve its data security practices over the next two years—and hire a chief information security officer to oversee the company’s progress.
The company reminded reporters, however, that it was not admitting blame for the breach.
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