Remember Home Depot's data breach back in 2014? One of the most widely-known retail hacks to date, hackers were able to steal sensitive information, such as credit and debit card numbers and email addresses, from upwards of 50 million Home Depot customers.
Now, the home improvement retailer has settled its class-action lawsuit with a federal court in Atlanta and has agreed to pay $13 million to 50 million cardholders who were victims. This money will reimburse customers for their out-of-pocket expenses and losses. Plus, Home Depot will pay $6.5 million to give affected customers ID protection.
Despite Home Depot admitting no wrongdoing or liability, as part of the settlement, the company also agreed to hire a chief information security officer to help improve its data security over a two year period, which is great, but just a little bit overdue, don't you think?
How do you get your share of the settlement?
For now, you'll have to be patient and wait a little bit longer. The deal has to be approved by the courts, and so far, Home Depot is separately paying victims' legal fees. As always, stay tuned into Komando.com's Happening Now page for all the latest details on this case.
However, let's consider how hard it was for victims of the Target hack to get their payout. Victims had to submit claims and prove their losses explicitly, with lots of documentation such as unauthorized, unreimbursed charges on credit or debit cards, time stamps, interest rates and more. So now might be the time to make sure all of your paperwork is in order.
This is why you shouldn't wait any longer to start monitoring your credit report, bank accounts, online databases and more for misuses of your information.