Home / Tech News & Announcements / 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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