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» Enterprise IT Planet » Security » Security News

Banks Can Now Recover Security Breach Costs

April 5, 2010

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eSecurity Planet reports Washington is the latest state to pass legislation targeting lax defenses against ID theft and cybercrime among retailers.

Washington last week became the third state to pass legislation that will allow banks to recover certain costs and damages from retailers and credit card processors that suffer data breaches after failing to comply with current Payment Card Industry (PCI) standards.

The law, which goes into effect on July 1 in Washington, follows similar laws passed in the states of Minnesota and Nevada and marks a fundamental change in the way government and private sector industries assign responsibility and accountability for preventing identity theft.

While it's difficult to ascertain exact and updated figures, independent security research firms claim identity theft cost American consumers and companies more than $54 billion last year and directly impacted more than 11.1 million adults, up 12 percent from 2008.

Read the rest of "New Law Lets Banks Recover Data Breach Costs" at eSecurity Planet.

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