Home Depot pays $33 million to settle data breach case

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Home Depot pays $33 million to settle data breach case

Full cost of exposure estimated at $237 million.

Following a massive breach, retailer Home Depot has agreed to pay off a settlement of US$25 million (A$33.1 million) for damages resulting from the 2015 incursion that exposed personal information of more than 50 million customers.

Hackers managed to infiltrate the chain store's self check-out terminals to purloin email and credit card data.

A number of banks sued Home Depot for leaving them open to fraudulent transaction. The company has settled out of court with the gourp after panel of judges bundled their claims against Home Depot into a single action back in December 2014. 

Under terms of the agreement, Home Depot also must improve its cybersecurity implementations, including tighter oversight of its vendors.

"We're pleased to have moved through this phase of resolution," Stephen Holmes, a spokesman for Home Depot, said.

Home Depot is already out of pocket some US$134.5 million which it paid in compensation to card brands and financial institutions. As well, it agreed last year to compensate affected customers to the tune of US$19.5 million.

It is estimated the cost of the breach is currently running around US$179 million (A$237 million), but, that figure is expected to rise considerably factoring in legal fees and other charges.

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