Home Depot still shelling out for data breach
Like Target, Home Depot knows all too well that the true cost of a payments data breach won’t be known until long after the dust from the cyberattack settles.
While Home Depot’s earnings are on the mend, as the retailer posted a better than expected first quarter earnings, the lingering expenses from the breach will likely be a sore spot for the retailer. In Q1 alone, Home Depot shelled out $7 million in breach-related expenses, the company said during a Tuesday (May 19) first- quarter earnings call. That figure, however, is just a sliver of the breach bucket figure so far, as Home Depot announced in the company’s fourth-quarter 2014 earnings that it had spent roughly $33 million for data breach costs. But that was just 2014 figures, and 2015 should bring more breach-related expenses as more suits get filed against the retailer.
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