Leveraging Knowledge to Manage Your Data Risks
The Massachusetts Supreme Judicial Court (SJC) ruled this week in favor of a consumer who sued Target, alleging that it harassed her with robocalls.
The plaintiff applied for a Target credit card, and subsequently got behind in payments. Starting in January 2015, Target contacted the debtor in an attempt to collect the debt. According to…
In a surprise move late last week, Home Depot has agreed to settle a shareholders derivative suit filed against current and former members of the Board of Directors and the Chief Executive Officer and Chief Information Officer (CIO) following a massive data breach that occurred in 2014.
The shareholders allege that former and current board members breached their duty of loyalty to the company by failing to prevent the data breach or to remedy it after it occurred. The breach cost Home Depot $152 million with a total cost exposure predicted at $10 billion.
The settlement requires documenting the responsibilities of the CIO, maintaining an executive committee on data security, and transparency around the budget provided for Cybersecurity measures in the organization.
Continue Reading Home Depot Agrees to Settle Data Breach Shareholders’ Suit
Payment technology company, NCR Corporation (NCR), determined last week that the new chip-based credit card technology isn’t as secure as we thought. The technology behind these chip cards that is supposed to make them more secure than the obsolete magnetic strip cards is that if an individual uses the magnetic strip and the card also…
Last month, the Ponemon Institute released a report, Data Risk in the Third-Party Ecosystem, that confirmed what many suspected: third-party vendors are the wild, wild west of cybersecurity. A shocking number of companies surveyed do not believe that a third-party vendor will notify them if a data breach occurs, and even more doubt they’ll…
Last week, a Minnesota court ruled that a consolidated class action filed against SuperValu retail chain failed to assert any harm, finding that while SuperValu did suffer two data breaches, the class’s claims of possible future injuries were too speculative, and the class therefore lacked standing to sue. The data breaches occurred in 2014 at…
2015 was a banner year for data breaches and associated class action litigation. Toward the end of the year, class action cases were filed the same day as the notification (related post here). Based upon the data breach fallout in 2015, there is no doubt that 2016 is setting itself up to be another…
Visa, Inc. announced on August 18th that it has reached a settlement with Target for $67 million to reimburse Visa for costs associated with the Target data breach in late 2013, including issuing millions of new cards to affected consumers.
Target was unable to reach a similar proposed settlement with MasterCard (view related posts Proposed…
