Retail giant Target to pay 18.5 million over data breach fallout

Retail giant Target announced on Tuesday it reached an agreement to pay 18.5 million U.S. dollars to settle an investigation into its massive 2013 data breach.

According to the settlement, 47 states and the District of Columbia will close the investigation into Target's data breach fallout and they require Target to maintain and verify a higher level of data security in connection with its collection, maintenance and safeguarding of personal information.

"Today's settlement with Target establishes industry standards for companies that process payment cards and maintain secure information about their customers," Illinois Attorney General Lisa Madigan said in a news release.

Madigan and Connecticut Attorney General George Jepsen led the investigation into the data breach, which gave hackers access to more than 41 million payment cards and contact information for more than 60 million customers who shopped at Target during November 2013.

According to the statement, the money will be divided up among 47 states and the District of Columbia which participate in the investigation, with California receiving the largest share of more than 1.4 million dollars.

(ASIA PACIFIC DAILY)