[privacy] Estimates Put T.J. Maxx Security Fiasco At $4.5 Billion

["Fergie" <fergdawg () netzero net>]

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Via InformationWeek.

[snip]

The security breach at TJX Companies Inc. could cost the company $100 per
lost record, or a total of $4.5 billion, according to the calculations of a
database security company.

IPLocks, a compliance and database security company, is basing the estimate
on the accumulated costs of fines, legal fees, notification expenses and
brand impairment, according to Adrian Lane, the company's chief technology
officer. He added that $100 per lost record is an average figure for major
data breaches, but they calculated expenses particular to TJX and came out
with the same figure.

The Ponemon Institute, a think tank focused on record privacy and data
protection, expects the TJX breach costs to be even higher. They cite costs
in the range of $182.00 per record, based on research from November 2006 of
the cost of breaches incurred in 31 separate incidents. For TJX, this
translates to $8.6 billion.

[snip]

More:
http://www.informationweek.com/security/showArticle.jhtml?articleID=1992032
77

- - ferg

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--
"Fergie", a.k.a. Paul Ferguson
 Engineering Architecture for the Internet
 fergdawg(at)netzero.net
 ferg's tech blog: http://fergdawg.blogspot.com/

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