Home Depot to Pay Banks $25 Million in Data Breach Settlement

Jeff John Roberts reports:

Home Depot has taken another step to move on from its colossal 2014 data breach, which involved hackers stealing email or credit card information from more than 50 million customers by infiltrating self check-out terminals.

In a new settlement with dozens of banks, the retailer has agreed to pay $25 million for damages they incurred as a result of the breach, one of the biggest in history.

The settlement, filed this week in federal court in Atlanta, also requires Home Depot to tighten its cyber-security practices and to subject its vendors to more scrutiny—a measure tied to the fact that a security flaw by a third-party payment processor made the hacked self-checkout terminals vulnerable.