In a series of court cases that today describe what would be by far the most expensive data protection comparison in history, Equifax pledged to pay up to $700 million stolen compared to two federal consumer protection agencies, 48 states and districts of Columbia and Puerto Rico. and a class action filed on behalf of consumers. The breach, announced on December 19, 2013, was a major driver of the abrupt resignation of Gregg Steinhafel, CEO of Target, last year. Visa said that “this deal is trying to turn the page on this event”” because it focuses on the move toward safer payments, according to the Wall Street Journal. After the data protection breach, Target worked to strengthen its security and technology services and also focused on upgrading its cash registers for card chip acceptance in 1,800 stores. The company is spending US$100 million to strengthen the security of its systems, including the new card issuance with chip technology.
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