Putting data breach genie back in bottle? Good luck
A little more than a week ago, retail store operator TJX settled a class-action suit filed over the theft of 45.7 million credit and debit cards from its system. The settlement requires TJX to offer three years of credit-monitoring services to about 454,000 consumers, on top of paying for the cost of replacing driver’s licenses and cutting checks for other minor costs.
Not only that, but TJX agreed to cut prices by 15 percent on all items in its stores–which include T.J. Maxx and Marshall’s–for one designated day. Given its existing sales levels, the TJX price cut is projected to offer $10.5 million in benefits to the public.
I think you’ll agree, readers, that this is a more elaborate set of reparations than most healthcare organizations ever make. Most settle for a letter of apology and credit monitoring.