This Wall Street Journal Article features Bernstein Shur Attorney Dan Mitchell.
Banks typically are responsible for losses when personal accounts are hacked. But commercial clients that fall victim to cyber theft have to show that banks didn’t do enough to protect their money.
While not axiomatic, it’s generally true that big companies have better security than small businesses, and hackers know this. So small businesses get hacked and absorb the losses. Unless they sue their banks.
Please see full article below for more information.
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Topics: Cybersecurity, Cybertheft, Financial Institution Liability, Fraudulent Wire Transfers, Hackers
Civil Remedies Updates, Commercial Law & Contracts Updates, Finance & Banking Updates, Privacy Updates, Science, Computers & Technology Updates
DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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