Target Says Credit Card Data Breach Cost It $162M In 2013-14

Ingrid Lunden reports:

When it comes to data breaches, retailers are one of the biggest targets these days, and today we have some detail on the costs around one of the more high-profile attacks. Target today said that it has booked $162 million in expenses across 2013 and 2014 related to its data breach, in which hackers broke into the company’s network to access credit card information and other customer data, affecting some 70 million customers.

The figure, revealed in the company’s Q4 earnings published today, includes $4 million in Q4, and $191 million in gross expenses for 2014, as well as $61 million gross for 2013. Target says that the gross number was offset in part by insurance receivables of $46 million for 2014 and $44 million for 2013.

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