Data breach resolution agreements codified by Home Depot at a cost of $17.5 million according to state agreements
Home Depot, the popular home improvement retailer, has taken significant steps to enhance its cybersecurity measures following a data breach that affected 40 million customers in 2014. The breach occurred when hackers installed malware on Home Depot's point-of-sale system, granting access to self-checkout sales across the U.S. from April 10 through Sept. 13, 2014.
As part of the settlement, Home Depot will implement various security safeguards, including encryption, password management, two-factor authentication, logging, and penetration testing. The company will also provide security training to all workers with access to the company network or customer information.
Home Depot's commitment to security and customer service is evident in the changes it has made over the years. The company has already strengthened its security posture, despite the settlement.
In terms of leadership, Home Depot has had several Chief Information Security Officers (CISO) in recent years. Jamil Farshchi, Home Depot's first CISO, left the company in February 2018 to join Equifax. He was succeeded by Steve Adegbite, who was hired in August 2018. Stephen Ward held the position from January 2019 until Chris Lanzilotta assumed the role in 2022.
The current CISO, Chris Lanzilotta, reports directly to the board of directors and senior/C-level executives, as part of the settlement. The company has also established a Data Security and Privacy Governance Committee, which provides enterprise-level oversight and governance over data protection and cybersecurity. This committee regularly reports to the company Audit Committee and Board.
In response to the breach, Home Depot offered free identity protection services, including free credit monitoring, to over 50 million customers. The company also reached a $17.5 million multistate settlement regarding the 2014 data breach. In addition to this settlement, Home Depot paid $19.5 million to settle litigation by consumers.
Home Depot remains focused on serving its customers and protecting their information. The company's ongoing efforts demonstrate a commitment to maintaining the trust and security of its customers.
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