Rising cost of data breaches a hidden danger for banks

Fines, compensation and remediation will leave negligent banks in the red

computer-saw

In February this year, the FBI revealed that UK citizen Lauri Love had been indicted in the US on charges of computer hacking and aggravated identity theft relating to a breach in February 2013 of the Federal Reserve's New York and Chicago branches. During the breach, personal data of Fed employees, including names, email addresses, and phone numbers, were accessed. The FBI says Love then posted this information on certain websites that he had previously hacked.

Manhattan US attorney Preet Bhara

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