Target to pay $10 million in proposed settlement for 2013 data breach
Target has agreed to pay US$10 million in a proposed settlement to a class-action lawsuit stemming from its massive 2013 data breach.
The proposal, which requires U.S. federal court approval, calls for individual victims to receive up to $10,000. As many as 110 million people were affected by the attack, which occurred during the holiday shopping season.
The proposed settlement includes measures to better protect the customer data that Target collects, according to documents filed with the U.S. District Court, District of Minnesota. Target must develop and test a security program for protecting consumer data and implement a process of monitoring and identifying security threats. The company must also provide its employees with security training around keeping consumer data safe. After the settlement’s approval, Target would have five years to implement these measures.