Home / Tech News / Sources: Target to pay Visa up to $67M over 2013 data breach, is working with MasterCard on similar deal after earlier $19M settlement rejected (Robin…

Sources: Target to pay Visa up to $67M over 2013 data breach, is working with MasterCard on similar deal after earlier $19M settlement rejected (Robin…

By Robin Sidel Robin Sidel The Wall Street Journal Biography Robin Sidel Robin.Sidel@wsj.com Updated Aug. 18, 2015 5:10 p.m. ET Target Corp. TGT 1.67 % agreed to reimburse thousands of financial institutions as much as $67 million for costs incurred from a massive 2013 data breach that damaged the retailer’s reputation with shoppers and cut into sales. The agreement, struck with Visa Inc. V 0.08 % on behalf of banks and other firms that issue credit and debit cards, comes as the card industry and merchants are moving toward more secure cards that are aimed at stopping such attacks. Target also said it is working with MasterCard Inc. MA -0.27 % on a similar deal for its card issuers. The size of the two settlements could rival a 2010 agreement in which Heartland Payment Systems Inc. HPY 0.65 % agreed to pay more than $100 million to Visa and MasterCard for a large 2008 breach. Target’s data breach exposed 40 million credit and debit cards to fraud during the 2013 holiday season. The Minneapolis-based company’s breach ranks among the most high-profile data incidents to strike retailers in recent years. It was followed by a string of similar breaches at other well-known merchants, including Home Depot Inc., luxury retailer Neiman Marcus Group Ltd. and Asian restaurant chain P.F

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Sources: Target to pay Visa up to $67M over 2013 data breach, is working with MasterCard on similar deal after earlier $19M settlement rejected (Robin…

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Indian food delivery startup Swiggy raises $210M at a $1.3B valuation

India’s food delivery race is hotting up after Swiggy , one of the startups vying for pole position, landed $210 million in new capital for expansion and joined the billion-dollar startup unicorn club. The investment is led by existing backer Naspers, the media conglomerate famous for an early bet on Tencent in China, and new investor DST Global. Others taking part in the round include returning investor China’s Meituan Dianping and (another new investor) Coatue Management. The deal takes Swiggy’s valuation past the $1 billion mark for the first, with sources close to the company confirming that the deal values the company at around $1.3 billion. That’s perhaps not a tonne of surprise around today’s announcement since it has been rumored in Indian press for some time, with Economic Times first reporting on it in April . This Series G investment comes just months after Naspers and Meituan Dianping invested $100 million into Swiggy in February . The new round takes Swiggy to over $465 million raised from investors to date, making it India’s most-capitalized food delivery startup. Nearest competitor Zomato has raised some $440 million from investors that include Alibaba’s Ant Financial affiliate, Sequoia Capital and Temasek, but its business also includes markets outside of India, whereas Swiggy’s is firmly focused on its homeland. ( Zomato was most recently valued at $1.1 billion. ) Swiggy claims to cover 35,000 restaurants with a delivery fleet of over 40,000. The company isn’t giving financials at this point, but it said that it has seen “a three-fold increase in revenues in the last financial year.” The company isn’t saying in specifics how it will use the new capital, but a representative told TechCrunch that the plan is to invest in extending its reach to new locations in India and also to build out its logistics network to better serve customers.

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