$440,000 Cyberheist Victim Now Needs To Pay Bank's Legal Fees

price of justiceTalk about adding insult to injury. Brian Krebs has the update, he's been reporting on the legal gray area when cyber mafia steals hundreds of thousands out of a company's bank account. There is a new ruling that raises the stakes for cyberheist victims.

NOTE, unlike consumers which are FDIC insured, companies and non-profits are NOT automatically insured when they are the victim of a cyberheist. You can check this with your bank, you need to have an additional separate cyberinsurance to be covered in case bad guys empty out your operating account.

A Missouri firm that unsuccessfully sued its bank to recover $440,000 stolen in a 2010 cyberheist may now be on the hook to cover the financial institution’s legal fees, an appeals court has ruled. Legal experts say the decision is likely to discourage future victims from pursuing such cases.

Choice Escrow and Land Title LLC sued Tupelo, Miss. based BancorpSouth Inc., after hackers who had stolen the firm’s online banking ID and password used the information to make a single unauthorized wire transfer for $440,000 to a corporate bank account in Cyprus. More at:

Topics: Cybercrime, Hacking

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