Banks team to paint shared target on Target

Financial institutions pursuing retailer Target have had a significant win after the US District Court said they can run a class action against the company. Target infamously managed to leak 40 million credit card numbers in 2013 and has been paying for its mistake ever since, spending up big on laywers and handing over US$ …

[a_yank_lurker]

Not surprised

At some point the only way security is take seriously is when a major corporation has to pay a rather large sum that is many times what would have cost to do it right the first time.

Target may be able to fend off the card holders and other assorted small fry but major banks is whole new league.

[Mark 85]

Re: Not surprised

And the stockholders who are expecting a return will speak up. I'm sure that some of the bigger investors will be screaming that it's cheaper to have security than payouts for the damage. Probably the same investors who, a couple of years ago, would have been screaming "you paid how much for network security? Why? That money should have come to us!"

[Steve Knox]

Re: Not surprised

I'm sure that some of the bigger investors will be screaming that it's cheaper to have security than payouts for the damage. Probably the same investors who, a couple of years ago, would have been screaming "you paid how much for network security? Why? That money should have come to us!"

And the very same investors who, in a couple years, will be screaming "you paid how much for network security? Why? That money should have come to us!"

Capitalism's good at a lot of things. Learning lessons, not so much.

[Velv]

Re: Not surprised

Ironic perhaps that some of those major investors who will scream about the cost of the leak are the very same banks who are now seeking recompense for the leak

[Pascal Monett]

Yes, it's the gift that never stops giving.

[Eddy Ito]

Tell me again, why aren't we allowed to sue the banks for their little cockup about seven years back?