[privacy] Insurance Company Reimburses TJX Almost $19 Million For Data Breach

[Paul Ferguson]

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Via StorefrontBacktalk.

[snip]

In the middle of a better-than-expected earnings report from TJX on
Wednesday, the retailer whose databreach of 100 million cards was the worst
in credit card history reported that it was paid somewhat less than $19
million by its insurance company.

Referring to $178 million the chain had set aside to deal with
data-breach-related costs, TJX said that on Jan. 26, 2008, "TJX reduced the
reserve by $19 million, primarily due to insurance proceeds with respect to
the computer intrusion, which had not previously been reflected in the
reserve, as well as a reduction in estimated legal and other fees as the
Company has continued to resolve outstanding disputes, litigation and
investigations."

[snip]

More:
http://storefrontbacktalk.com/story/022208tjx

See also:
http://money.cnn.com/2008/02/20/news/companies/bc.earns.tjx.ap/index.htm

So much for punishment...

- - ferg

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--
"Fergie", a.k.a. Paul Ferguson
 Engineering Architecture for the Internet
 fergdawg(at)netzero.net
 ferg's tech blog: http://fergdawg.blogspot.com/