Digital Media Lawyer Blog:  “a Maine construction sued its bank for failing to prevent hackers from transferring some $588,000 in company funds to co-conspirators throughout the U.S.  This case bears watching because it may well test the conclusion of the court in Shames-Yeakel v. Citizens Financial Bank that a bank’s failure to use multi-factor authentication procedures for wire transfers may not constitute a reasonable business practice.  It should also test the effect of a clause in the bank’s contract with the construction company, requiring the company to monitor and immediately report questionable transfers to the bank.”

See also “Maine Firm Sues Bank After $588,000 Cyber Heist.”

Related posts:

  1. Employers, Employees, Social Networks & the Law
  2. May a Court Enter an Injunction Requiring an ISP to Take Down an Allegedly Defamatory Third Party Post?
  3. Facebook Wins Lawsuit Brought by Kicked-off User
  4. Facebook Postings Cause Woman to Lose Insurance Benefits
  5. Online Publisher Not Subject to Injunction Against Original Author of Defamatory Posts
  6. Hacker Pleads Guilty in Major Cyber Fraud Case
  7. Court Orders Anonymous GQ Blogger and Accused Hacker to be Identified
  8. Status of a Facebook Account After the Owner Dies
  9. IP For Your Business: Think Twice Before Shutting Down Social Media
  10. Business May Regret Suing Student for Alleged Defamatory Statements on Facebook