[Dataloss] follow-up: Insurance Company Reimburses TJX Almost $19 Million For Data Breach

[security curmudgeon]

---------- Forwarded message ----------
From: Paul Ferguson <fergdawg at netzero.net>

Via StorefrontBacktalk.

[snip]

In the middle of a better-than-expected earnings report from TJX on 
Wednesday, the retailer whose databreach of 100 million cards was the 
worst in credit card history reported that it was paid somewhat less than 
$19 million by its insurance company.

Referring to $178 million the chain had set aside to deal with 
data-breach-related costs, TJX said that on Jan. 26, 2008, "TJX reduced 
the reserve by $19 million, primarily due to insurance proceeds with 
respect to the computer intrusion, which had not previously been reflected 
in the reserve, as well as a reduction in estimated legal and other fees 
as the Company has continued to resolve outstanding disputes, litigation 
and investigations."

[snip]

More:
http://storefrontbacktalk.com/story/022208tjx

See also:
http://money.cnn.com/2008/02/20/news/companies/bc.earns.tjx.ap/index.htm

So much for punishment...

- - ferg