According to an article posted by Krebs on Security, a decision handed down by a federal appeals court this week may make it easier for small business owners victimized by cyberheists to successfully recover stolen funds by suing their bank.
Provide Customer Awareness Training!
The U.S. Federal Court of Appeals for the First Circuit has reversed a decision from Aug. 2011, which held that Ocean Bank (now People’s United) was not at fault for a $588,000 cyberheist in 2009 against one of its customers — Sanford, Me. based Patco Construction Co. The appeals court sent specific aspects of the earlier decision back to the lower court for review, but it encouraged both parties to settle the matter out of court.
You may read the full story as posted by Krebs on Security: Court Ruling Could Be Boon to Cyberheist Victims
infotex would like to thank Dennis Teague of MainSource Financial Group for sharing this post with us.