Target Corporation (NYSE:TGT) has reached an agreement to pay states over the 2013 data breach.
The agreement will have Target Corporation paying $18.5 million to 47 states and the District of Columbia over the data breach. The agreement means that TGT has to adhere to requirements from the states to keep its security and encryption up to a certain level.
Target Corporation says that it has been working with states for several years in an effort to resolve the issues concerning the data breach. The retail company has already implemented the changes that are required by the states in the agreement.
This won’t be the first payments that Target Corporation has made in connection to the 2013 data breach. The company has already paid out $39.4 million to banks affected by the breach. It has also made some payments to card companies, such as Mastercard Inc (NYSE:MA), over the debacle.
Target Corporation was also the focus of a lawsuit from customers that were affected by the 2013 data breach. The lawsuit was for $10 million and each customer would get $10,000. Target was agreeing to pay the damages in an effort to settle the lawsuit.
Target Corporation may have identified the source of the data breach just a couple of months after it occurred. HVAC, a heating an air conditioning contractor, may have lead the hacker into the company’s systems. The contractor was being investigated by the Secret Service and was complying with the effort.
