Home Depot announced that about 56 million payment cards were compromised by a cyber attack on their stores last week. While the company said the initial estimates on how much it will cost the company is about $62 million, although, that number could actually be too low.
The fraud happened from April to September in stores in both the United States and Canada.
Earlier this year, Target was attacked in a similar fashion, and the costs incurred by that attack was estimated to be close to $150 million — and there were only 40 million payment card numbers hacked then. But there were 70 million other pieces of customer data also taken.
“We apologize to our customers for the inconvenience and anxiety this has caused and want to reassure them that they will not be liable for fraudulent charges,” Chief Executive Frank Blake said in a statement.
Investigators from Home Depot believe the attack came from a custom-built piece of software that had not been used in any previous attacks, and that it has since been closed off.