Financial institutions Plaintiffs Trustmark National Bank and Green Bank N.A. seek class-action status and damages of more than USD 5 million.
According to banks’ complaint, Trustwave has performed more Payment Card Industry Data Security Standard certifications than all other companies combined. The PCI standard describes how companies that handle payment card data must protect it against theft.
The banks claim Target was likely out of compliance with the PCI standard because the hack went unnoticed for 18 days. The suit estimates that the banks will spend about USD 172 million reissuing credit and debit cards. Their total losses, including fraudulent charges, could hit USD 18 billion, according to the lawsuit.
About 40 million credit and debit card accounts were compromised after hackers made their way into the companys payment data through a security gap attributed to its heating and air-conditioning supplier.
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