Law Students

Data Breach: TJX Hit with $2.5M Fine

Data Security is Serious Business. TJX, the company that owns TJ Maxx and other subsidiaries, gets hit with a $2.5M fine for data breaches of 100 million consumer credit card records that occurred in 2005-2006.

TJX did not admit any wrongdoing but agreed to implement industry standard data security practices. The real damage done, however, despite the fact that $2.5M is more than a slap on the wrist, is to TJX's "reputation value." I believe there may have been a (class action) lawsuit as well.

In short, data security is serious business and even small companies need to start paying attention.

Full post as published by LawTechTV on June 29, 2009 (boomark / email).