Almost on cue U.S. District Judge Paul Magnuson answered the question today by certifying a class action lawsuit from his St. Paul, MN courtroom that pits those remaining financial institutions who haven’t already settled their claims.
The lawsuit clears the way for banks to pursue their claims together, as a group, in regards to the data breach.
A U.S. judge on Tuesday certified a class action against Target Corp (TGT.N) brought by several banks over the retailer’s massive data breach in 2013.
This ruling makes a settlement with the banks more likely and follows on the heels of Target’s agreement to pay up to $67 Million to banks that issued the compromised Visa cards.
It is clear that there is a regulatory and judiciary trend towards monetary fines and reparations for companies that experience large data breaches. It will be interesting to see if and how this trend filters down to smaller breaches.
At Konsultek we understand that every organization is unique. That is why we begin all engagements with a thorough discovery process to map out organization needs and priorities. Only after we thoroughly understand your organization, it’s risks and priorities will we begin to develop a solution. To us, that is the only way that makes sense. What do you think?