Magazine article Independent Banker

ICBA Sues Equifax over Data Breach

Magazine article Independent Banker

ICBA Sues Equifax over Data Breach

Article excerpt

□ n Nov. 30, 2017, ICBA filed a lawsuit on behalf of community banks against Equifax Inc. as a result of the data breach that exposed 145.5 million consumer records and 209,000 payment cards. Two community banks, Bank of Zachary, La., and First State Bank in Barboursville, W.Va., joined ICBA in the suit.

In its class action complaint, ICBA states that it brought the suit "on behalf of financial institutions that suffered, and continue to suffer, financial losses and increased data security risks that are a direct result of Equifax's egregious failure to safeguard, and affirmative mishandling of, the financial institutions' customers' highly sensitive, personally identifiable information." ICBA president and CEO Cam Fine noted that the breach resulted from Equifax failing to follow instruction from security experts to properly secure its U. …

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