New Law Lets Banks Recover Data Breach Costs – www.esecurityplanet.com

Washington last week became the third state to pass legislation that will allow banks to recover certain costs and damages from retailers and credit card processors that suffer data breaches after failing to comply with current Payment Card Industry (PCI) standards.

The law, which goes into effect on July 1 in Washington, follows similar laws passed in the states of Minnesota and Nevada and marks a fundamental change in the way government and private sector industries assign responsibility and accountability for preventing identity theft.

via New Law Lets Banks Recover Data Breach Costs – www.esecurityplanet.com.