TJX’s second-quarter profits were slashed by more than half as the company recorded a $118 million charge as a result of their data breach.

The original estimate for the data breach of $59 million turned out to be far under the real cost associated with the incident.

One-tenth of the $118 million data breach cost covers existing costs - the remaining nine tenths of the cost is to cover future expenses from lawsuits, investigations and other items.

Despite a modest increase in sales this quarter, TJX shares fell 8 cents to $27.58.

Via Eyewitness News ; Tags: tjx, data breach, data breach cost, data loss, computer security, it security