Hackers stole credit- and debit-card data, as well as personal information, for as many as 110 million Target customers during the 2013 holiday shopping season.
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Target Corp said it has reached an agreement with Visa Inc card issuers to reimburse the costs related to a data breach at the retailer in 2013.
Target has incurred $162 million in net expenses related to the breach as of January 31.
Target said it was pleased with the deal.
The deal comes two months after issuers unexpectedly rejected a $19 million pact that Target had proposed with MasterCard Inc.
In a statement to Bloomberg, Visa said this agreement “attempts to put this event behind us, and increase the industry’s focus on protecting against future compromises with new technologies”.
The deal with Visa does not require a certain support rate, according to the reports. In the weeks that followed, Target customers asked banks and other issuers of credit cards for replacements.
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Visa on Monday notified Target that the majority of banks and issuers it represents had agreed to the $67 million amount. Target said the costs of the settlement are already reflected in its 2013 and 2014 fiscal year results. MasterCard and Visa typically negotiate with the breached entities to recover losses for their card-issuing banks. “Nevertheless, the fact remains that data breaches are…”
