Breach Round Up

Banks, Retailers Debate Data Breach Costs

Data breaches at top U.S. retailers have revived a debate over who is responsible for the financial burden of cyberattacks on sensitive consumer information.

The Wall Street Journal reported on Jan. 12 that the question of who should pay to reissue cards, reinforce security measures or settle legal claims is contested by both banks and retailers. Banks claim that retailers are responsible if their security systems are at fault, while retailers say banks are the ones required to protect credit and debit cards from potential fraud.

A Senate Banking Committee hearing on data security and consumer safety, set for later this year, will explore this issue in full. 

To learn more about the ongoing debate over who should pay in the aftermath of a data breach, read the full story by clicking here.

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