Target data breach tab climbs higher, settles to pay $19m to affected MasterCard institutions

Target will pay $19m in damages to financial institutions that were forced to reissue MasterCard bank and credit cards following a data breach

The breach occurred during the 2013 holiday shopping season and put 40 million credit cards at risk. Ultimately, this led to the theft of the personal information of 110 million shoppers.

However, this settlement is not the only one the department store faces. It is also negotiating a settlement with Visa and will eventually settle with affected customers as well.

Seperately, the breach has already cost the retailer more $162m, which at the time was referred to as a “drop in the bucket” of what Target would ultimately pay.

Payments to MasterCard institutions will be issued by the end of the second quarter.

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