Cyberheists – Some Victims Obtaining Some Recoveries From Vendors With Inadequate Security

It appears more and more lawsuits will arise when security failures generate financial losses. A June 14, 2014 post at Krebs on Security reports that a bank’s insurer recently paid $350,000 to settle a case that was set for trial involving alleged security failures at the bank. The plaintiff, a business, had its bank account raided by Ukrainian cyber crooks. The bank is said to have blamed the plaintiff company for errors at its end.