Banks are gearing up for a big fight with retailers over who covers the cost of cyber attacks, after they paid most of the bill for breaches that they blamed on retailers’ own security deficiencies.
In a rare show of unity, industry bodies that represent banks are banding together to urge lawmakers to introduce legislation that would force retailers to pay for the clean-up themselves during the new session of Congress next year...
“This is an equity argument,” said Cam Fine, head of the Independent Community Bankers of America, which has about 5,000 members. “If it was Home Depot’s data security system that was breached, shouldn’t they have to reimburse banks for all of the costs since it wasn’t the banks’ fault? That’s just common sense.”
From Financial Times: [Click HERE for the entire article]