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TD Bank paying Maryland $850K in settlement of data breach

Maryland is receiving $850,000 as part of a nine-state settlement with TD Bank over a data breach in 2012, Attorney General Douglas F. Gansler announced Thursday. “Banks are as obligated to safeguard their customers’ personal information as they are to protect their customers’ money,” Gansler said in a statement. “While it appears this breach did not lead to any cases of identity theft, we must be aggressive to combat both traditional fraudsters and sophisticated hackers.” In October 2012, TD Bank lost unencrypted backup tapes in one of its branches in Massachusetts. These tapes contained personal information belonging to roughly 260,000 TD Bank customers nationwide, 659 in Maryland. TD Bank offered free credit monitoring services to affected customers. The settlement requires TD Bank to notify customers of any future breaches of security and to maintain reasonable security policies.