WASHINGTON – The Federal Trade Commission will require TJX Cos. to submit an independent security audit to it for the next 20 years but will not issue a fine against the national retailer for the huge data breach that compromised millions of credit union and bank accounts.
Under an agreement with the federal agency, TJX has agreed to establish and maintain and comprehensive program to protect customer data and to submit an annual security audit, to settle charges that it "failed to provide reasonable and appropriate security for sensitive consumer information."
The settlement, which comes as credit unions and banks are working to resolve yet another retail breach, is in contrast to a 2006 settlement between the FTC and data broker ChoicePoint in which ChoicePoint paid a $10 million fine to resolve charges of lax security.
TJX, the parent of such national chains as TJ Maxx and Marshalls, said the hackers stole account information on more than 45 million customers, forcing credit unions and banks to reissue millions of Visa and MasterCard credit and debit cards.
