TJX settled its credit card breaching case

More than two years after TJX Companies Inc. acknowledged that it was hit with a massive data breach, the Framingham, Mass.-based retailer agreed to boost its security measures and pay 41 states nearly $10 million to cover the costs of investigating the incident.

A few years ago, TJX, one of the biggest retailers in the nation, revealed in 2007 that tens of millions of credit cards in its database were exposed to security. It was probably the most reported payment card security breaching event in the last few years. Predictably, TJX was sued. Today, it has reached a multi-million dollars settlement.

From computerworld

“More than two years after TJX Companies Inc. acknowledged that it was hit with a massive data breach, the Framingham, Mass.-based retailer agreed to boost its security measures and pay 41 states nearly $10 million to cover the costs of investigating the incident.”

One can conclude that the biggest damage to TJX is not so much monetary,  but rather to its reputation. Given TJX’s size and the scope of the lawsuit, 10 millions is not that a big a number. In fact, below is an excerpt from ChannelWeb’s report when breach was revealed

“TJX said it doesn’t know the extent of fraud related to the breach, although Florida authorities earlier this month charged six people in connection with using credit card numbers from the TJX breach to fraudulently buy more than $8 million in goods from Wal-Mart stores in that state.”