Friday, June 22, 2007
Credit union bills TJX $590,000 for data breach costs
Compliance News
Credit union bills TJX $590,000 for data breach costs
Acquiring bank offloads costs of new cards and reputation damage onto noncompliant merchant
6.7.07 In another development in the TJX data breach case, a Massachusetts credit union has billed the company $590,000 in expenses it occurred as a result of hackers stealing data from the TJX system.
HarborOne Credit Union in Brockton, MA, said it had to replace 9,000 cards at a cost of $90,000 as a direct result of the incident.
The credit union also calculated that the incident cost it $500,000 in brand and reputational damage.
The credit union invoiced TJX in April but has not received any acknowledgment.
Credit union bills TJX $590,000 for data breach costs
Acquiring bank offloads costs of new cards and reputation damage onto noncompliant merchant
6.7.07 In another development in the TJX data breach case, a Massachusetts credit union has billed the company $590,000 in expenses it occurred as a result of hackers stealing data from the TJX system.
HarborOne Credit Union in Brockton, MA, said it had to replace 9,000 cards at a cost of $90,000 as a direct result of the incident.
The credit union also calculated that the incident cost it $500,000 in brand and reputational damage.
The credit union invoiced TJX in April but has not received any acknowledgment.
Labels: TJX Companies Inc.
# posted by raveneye @ 9:46 AM 
