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Remember the Home Depot data breach in 2014? The one where an intruder armed with a vendor's user name and password exposed up to 53 million email addresses and about 40 million credit and debit cards? Last month, the home improvement chain settled the massive ensuing class action lawsuit by agreeing to pay at least $19.5 million to compensate affected consumers for their losses and provide them with identity protection services. Under the agreement, Home Depot also promised to make better data security a priority, starting with hiring a Chief Information Security Officer (CISO).
Consider this a reminder: pay now to beef up your cybersecurity and minimize the effect of a breach. Otherwise, you might end up paying a lot more later.