Target to Pay $18.5 Million in Settlement for Largest Data Breach

Retail giant Target will pay an $18.5 million multistate settlement, the largest ever for a data breach, to resolve state investigations of the 2013 cyber attack that affected more than 41 million of the company's customer payment card accounts. Announced by 47 states and the District of Columbia, the agreement sets new industry standards for companies that process payment cards and maintain confidential information about their customers.