Two banks withdraw suits against Target in post-data breach debacle

Target still faces a slew of other lawsuits stemming from the massive cyber security attack incurred last year, but a new turn of events could affect all of them.

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Target's data breach: It gets worse

Target said names, email addresses and other data was stolen and could affect up to 70 million customers. This disclosure comes on top of a payment card breach outlined in December.

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Target might have caught a lucky break, if it can even be called that.

Two financial institutions withdrew lawsuits against the retail giant in the wake of the widely-reported, massive data breach at the end of 2013.

Based on court filings, Green Bank of Houston and Trustmark National Bank of New York both dropped their claims in their respective federal courts on Monday.

As noted by IDG News Service, both lawsuits also pointed fingers at information security firm Trustwave, alleging that both the data security company and Target didn't take enough precautions in meeting industry standards to protect credit cards and customer information.

That assessment has been hurdled at Target by countless other critics already , and the retailer is facing a slew of other lawsuits as well.

But given that Trustwave has denied ever acting as Target's go-to IT security business, the claims filed by Green Bank and Trustmark might not have held up in court.

To recall, over the course of several weeks during the holiday season -- the busiest time of the year for retail -- still-unidentified hackers illegally lifted sensitive data from the credit cards of more than 70 million customers nationwide.

Since then, there have been reports that the Target incident was part of a broader organized attack , one that might have been facilitated by stolen vendor credentials used as a source of access .

As a result, Target isn't the only one under the microscope these days for upgrading and maintaining the highest-possible security standards. Other retailers and vendors were also targeted through similar methods, including department store chain Neiman Marcus .

But given the magnitude of the Target case, the big box store is serving as the poster child.

In March , Target chief information officer Beth Jacob has resigned as the company moves to recover.


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