The 2013 Target data breach was one of the biggest in recent history affecting 110 million Target customers. Since then we’ve gone through a variety of other data breaches including Staples, USPS, Jewel/Safeway and most recently Premera Blue Cross. Cyber criminals are getting more bold and finding the cracks in big business’s data security armor. Now Target is proposing a settlement for the 2013 data breach that adds up to a cool $10 million dollars for affected customers.
Don’t expect that check to come in the mail just because you shopped there a few times during the incidents though. You will have to prove with documentation that you were indeed affected by the data breach and bring along records indicating whatever damages you would claim. If you can prove multiple incidents including card replacements and other damages you could stand to walk away with up to $10K. The legal system is often a murky forest to navigate so make sure you have all your ducks in a row before diving in.
Under the terms of the proposed settlement, Target customers who can prove they were damaged by the data breach will get the first shot at the $10 million. For example, victims will be reimbursed for unauthorized credit card charges, bank fees or costs related to replacement IDs — so long as they are documented. After those claims are paid, any remaining settlement funds will be evenly distributed to class members without documentation.
Target will also be on the hook for improving their data security which includes training employees on data security and hiring a new chief information security officer. Target’s reputation took a hit during the data breach so it’s in their best interest to try and make amends for their lack of security and try and salvage something from this. What do you think of Target’s proposed settlement? Let us know in the comments below or on Google+, Facebook and Twitter.Source: CNN Money