New England Banks to Sue TJX

The Boston Globe reports that a group of New England banks are planning to sue TJX Cos. over TJX's data breach.

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Data Breaches and Buyer Behavior

Javelin Strategy & Research has a study for purchase entitled "Data Breaches and Buyer Behavior: Moving PCI Compliance from Costly Burden to Competitive Advantage" (link is to the free preview).

Hat tip to Payments News which states:

The study concludes that "77% of consumers intend to stop shopping at merchants that suffer from data breaches. Retailers and merchants are viewed by 63% of consumers as the least secure when protecting consumer’s data, compared with processors (16%), card networks like Visa or MasterCard (5%) and issuers (5%). When little is known about a data breach, half of all consumers automatically consider the merchants where they shop to be at fault. However, 85% will reward merchants who are perceived as security leaders with increased purchases."

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TJX Companies 10K on Computer Intrusions

This InternetNews story says that TJX Companies, Inc. revealed to the SEC that as many as 47.5 million customer records were stolen during TJX's highly publicized computer intrusion. For those interested, here's TJX's 10-K filing. Pages 7-10 are devoted to a discussion of the computer intrusion and pages 18-21 detail the 19 legal proceedings related to the computer intrusion. Page 21 also details the various government investigations in regards to the computer intrusion.

Obviously, the security breach will not be cheap for TJX.

Recent News Stories:

• State cracks down on identity theft in wake of TJX security breach
• TJX customers subject to security breach
• How the TJX breach may change security awareness
• Do data breaches really hurt retailers?
• Locals upset at TJX Companies security breach
• TJX security breach affected at least 47.5m
• Revealed: World's largest security breach

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