Target to pay $20M to MasterCard over hack

One of 2013’s most publicized security breaches was the renowned Target hack. Now two years later, the multibillion dollar giant is reported to pay as much as $20 million to banks issuing MasterCard over costs from the incident.

The settlement reached covers fraudulent charges made, as well as the cost to banks to reissue debit and credit cards to those affected. Target has promised payments will be made by the end of the second quarter of 2015.

Recently, the department store disclosed that the breach, which affected up to 40 million accounts, has cost them $252 million in total.

The gargantuan breach was the result of a vulnerability in the security of one of Target’s vendors, Fazio Mechanical Services, a refrigeration and HVAC systems provider. Although it is unclear as to why the HVAC subcontractor had been granted network access to begin with, the outcome has become notorious.

No matter the size or significance of the vendor, it is imperative that each and every one of your company’s vendors is secure. Tiro Security provides security assessment services, including penetration testing, and can help you ensure that your partners are keeping your company’s information safe.

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