Bank Law Monitor

Bank Law Monitor

A Legal Blog for the Financial Services Industry

Tag Archives: Data breach

Get Ready for More Class-Action Lawsuits: The Seventh Circuit Finds Potential Future Harm Sufficient for Standing in Data-Breach Class Action

Posted in Payment
For years, data-breach plaintiffs have faced a huge barrier to obtaining relief in court: many courts have dismissed their complaints because they have been unable to demonstrate actual harm (or “concrete and particularized injury,” in lawyer-speak)—and actual harm is generally a requirement to have standing in federal court. Many of these plaintiffs were able to… Continue Reading

Beware: Data Breaches May Expose You to UDAP Liability

Posted in CFPB, Cybersecurity, Regulatory Developments, Trending News, UDAAP
Recently, the U.S. Court of Appeals for the Third Circuit ruled that the Federal Trade Commission (FTC) may pursue a lawsuit against Wyndham Worldwide Corporation, a hotel and time share operator for “unfair and deceptive” cybersecurity practices. In its complaint, the FTC alleged that Wyndham “unreasonably and unnecessarily” exposed consumers’ personal data in more than… Continue Reading

States Are Amending Their Data Breach Laws. Why Should Banks Care?

Posted in Banking Technology, Cybersecurity
Data security and data breach notifications are—or should be—on everyone’s mind these days. Banks are certainly no exception. And banks, in general, are setting good examples for other businesses because banks’ data security systems and incident-response plans are usually up to date, tested for effectiveness, and the subject of board-level discussions. But how many banks… Continue Reading

Hacked

Posted in Cybersecurity
It Can Happen to You I woke up this morning to a fraud alert from Citibank on my credit card. After going through the Spanish Inquisition to secure my identity, I finally learned what had triggered the alert—a small transaction in Spain. When I attempted to verify that the Citibank people were legitimate and not… Continue Reading