If you’re considering filing a Home Depot Data Breach lawsuit, you’ve probably had some questions about the company’s recent security breach and the potential liability for breached customer information. These questions may include Home Depot’s liability and the potential cost of a settlement. In this article, we discuss what you need to know. We’ll also discuss what happened to the data and how you can determine the appropriate course of action.
Home Depot data breach
A recent class action settlement in Lozanski v. The Home Depot highlights the importance of protecting consumer data and responding to a breach. This case stemmed from a hack of Home Depot’s card payment system, which gave hackers access to the personal information of customers. A Home Depot data breach lawsuit could result in large payouts for victims, but if the company did not do its due diligence, it could end up in court.
The breach involved 52 million customers, including some who had credit card information compromised. Fortunately, the store notified customers in a timely fashion, and it tried to minimize the damage. Still, the case is highly disturbing and will likely lead to a settlement that will award customers $19.5 million in damages. Home Depot is not required to admit fault for the breach, but it did agree to pay the settlement to end the litigation with customers.
A recent cybersecurity breach at Home Depot may be the work of the same hackers responsible for breaches at Target, Sally Beauty, and P.F. Chang’s. If so, it would make this breach the largest ever in the US retail industry. It could even be the largest in the history of data breaches. If so, the hackers who were behind this breach likely targeted large companies and retailers who are not as well protected.
The hacker behind the Home Depot cybersecurity breach used a malware attack to compromise its payment systems. The attacks could have been prevented, and the company had already strengthened its systems in response to last year’s Target breach. It announced plans to implement chip-and-PIN technology for all of its stores by the end of the year. However, this technology won’t be ready until October, when all stores must implement it. Home Depot has committed to implementing this technology.
Liability of Home Depot
After the announcement of a data breach, a common scenario is a lawsuit filed by those affected by the data breach. These individuals seek monetary damages and/or injunctive relief. In a previous post, we discussed some potential defenses against such lawsuits. One potential defense is a state attorney general’s investigation into the cybersecurity practices of a company. Moreover, these lawsuits are not limited to Home Depot.
A multistate investigation revealed that Home Depot failed to follow basic security procedures and was not aware of evolving security standards. While the company did not ignore the security risks, it failed to adequately fix known vulnerabilities and failed to educate itself on the latest security standards. As a result, Home Depot will have to implement stronger security procedures and implement new technologies to protect consumer data. In addition, Home Depot will have to provide security awareness training to its employees who have access to consumer data and tighten policies and procedures around payment card security technologies.
Cost of settlement
The cost of the Home Depot data breach has reached a peak of $179 million, with the final cost likely being higher due to the undisclosed payouts and legal fees. Last year, Home Depot set aside $161 million to pay for the breach. Today, cyber risk is a major concern for companies, including Home Depot, which must protect their internal computer network, as well as the vast array of third-party vendors it works with.
The company has finally paid out a settlement, agreeing to pay up to $25 million to dozens of banks and consumers as a result of the data breach. The settlement also requires the retailer to tighten its cyber security practices and subject vendors to increased scrutiny. The data breach took place in 2014 and was linked to the compromised vendor credentials of Home Depot. As a result of the data breach, the retailer agreed to pay the victims of the attack credit monitoring services.
Class-action lawsuits against Home Depot
Attorneys are preparing class-action lawsuits against Home Depot over its recent data breach. The breach has affected hundreds of financial institutions, affecting over 40 million consumers. Home Depot was only named a nominal defendant in August, but the data breach affected consumers before that date. Although Home Depot was not found to be liable for the breach, it has already spent millions to address privacy concerns. Because of its lack of responsibility, Home Depot is unlikely to have incurred significant damages.
After the massive data breach that affected more than 50 million U.S. consumers, Home Depot agreed to pay $19.5 million in settlements. These settlements will help victims recover for lost income and other damages. Home Depot agreed to provide free identity protection services and reimburse incurred expenses. In addition to settling the lawsuits, the retailer will also implement more security measures, including hiring a chief information security officer.