Cyber Security

Bank Agrees to Reimburse Hacking Victim $300K in Precedent-Setting Case

“In a case watched closely by banks and their commercial customers, a financial institution in Maine has agreed to reimburse a construction company $345,000 that was lost to hackers after a court ruled that the bank’s security practices were ‘commercially unreasonable.’

People’s United Bank has agreed to pay Patco Construction Company all the money it lost to hackers in 2009, plus about $45,000 in interest, after intruders installed malware on Patco’s computers and stole its banking credentials to siphon money from its account.”

Source: Bank Agrees to Reimburse Hacking Victim $300K in Precedent-Setting Case | Threat Level | Wired.com

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