Retail data breaches lead to class action lawsuits. They’re new. They’re trendy.
How financial liability for a breach is assessed is a developing legal trend. Legal trends turn into legislative trends as states grapple with assigning liability.
Today the retailers & the banks are at odds over this in policy court. To add fuel to the this policy fire, a federal court sided with a retailer against financial institutions by limiting a grocer’s liability to:
- $500,000
- based on the agreement between the grocer & the financial institutions processing the payments
Retailers want banks to bear the brunt of costs. Banks want retailers to meet the high security standards they have to meet.