The massive data breach of Target that was announced in December 2013 may end up costing the company $148 million, the retail giant announced on Tuesday.
The expenses – offset by a $38 million insurance payout – are owed to what it expects to pay in potential breach claims, but those expenses could go higher, the company admitted.
Last week Target announced that Brian Cornell would replace Gregg Steinhafel as chairman and CEO. Previous restructuring saw the hiring of CIO Bob DeRodes and CISO Brad Maiorino, and the company also announced that it plans to invest $100 million to move to chip-and-PIN-enabled REDcards.
Forty million credit and debit cards were compromised in the breach, along with the personal data of 70 million shoppers.
