TJX, the American retail giant, has set aside $118m to cover costs and potential liability arising from a security breach to its database systems. Crooks gained access to 45.6m credit and debit card records during the breach, which lasted 17 months between July 2005 and January 2007. TJX's $118m after-tax cash charge for Q2 …
Where's my $2.60 f'ers
The inconvience of me having to check my credit report and bank statements periodically for over a year is only worth $2.60? Not to mention the financial losses from compromised cards? Way to go morons.
While I loathe Citigroup, at least they're good at setting aside billions for legal oopsies.
TJX should have to pay the cost of re issuing the bank cards that the finical institutions had absorb .
Not good enough!
Where is the record fine that would make TJX an example and warning to the rest of the business world to wake up to realities in dealing with *our* sensitive electronic data in the 21st Century??
Oh, yeah sorry I forgot this is the US where business is given free reign...
Justice is 'barely' served.
Well its nice to know they'll suffer serious losses due to their negligence. I'm not being malicious, just that justice is served.
A question for the other commenters - Who here has shopped at TK Maxx since they heard about this in January? Or have shopped there but used cash?
I haven't, and probably never will. I would bet the remaining shoppers are all the people who simply don't keep up on news stories, plus those who are glutton for punishment - I still wouldn't trust them to have not lost more cards since Jan.
@Chris - The UK is just the same. Business seems more important to government than providing for hospitals, police, other emergency services, road conditions etc.
I disagree. We have the all-powerful Information Commissioner and his side-kick the FSA which have UK business quivering in their boots.