Independent Banker - January 2018 - 7
Fine Points
By Camden R. Fine, president and CEO of ICBA
Into the breach
I
CBA never flinches from its responsibility
to stand up for the nation's community
banks, so we didn't hesitate to file suit on
behalf of the industry following the massive data
breach at Equifax. Joined by Bank of Zachary in
Zachary, La., and First State Bank in Barboursville,
W.Va., the lawsuit is designed to address
the long-term damage to community banks
posed by the breach of 145.5 million consumer
records and 209,000 payment cards.
The Equifax breach is deeply troubling not
only because of its scale but also because of the
failure of Equifax to take basic steps to protect
itself and consumers from such a preventable
catastrophe. The breach-in which hackers
entered Equifax's system through a known
vulnerability, gaining access to names, Social
Security numbers, dates of birth and other
information-was caused by Equifax's negligence.
Quite simply, the credit rating agency
failed to heed warnings from security experts to
ICBA filed this case on behalf
of community banks because
Equifax is responsible for
an unprecedented breach
of sensitive, personally
identifiable information.
properly secure its U.S. website. Further, Equifax
waited nearly six weeks to report the breach
to the public.
We do not yet know the full extent of the
damage, but there is no doubt about the cost
to community banks. ICBA's lawsuit asks the
U.S. District Court for the Northern District of
Georgia-Equifax is based in Atlanta-to require
the credit bureau to compensate community
banks for the costs they will incur in responding
to the breach. That includes the costs of
customer credit freezes, protective measures
to deter fraud, and canceling and replacing
payment cards.
For a longer-term solution, ICBA's suit also
asks the court to require Equifax to improve its
security infrastructure to prevent future data
breaches, such as employing adequate security
protocols consistent with industry standards to
protect personally identifiable information and
payment card data.
ICBA filed this case on behalf of community
banks because Equifax is responsible for an
unprecedented breach of sensitive, personally
identifiable information. Community banks rely
on this information to authenticate customers
when opening accounts and conducting online,
in-person and over-the-phone transactions.
The effect of the breach on community banks,
consumers, small businesses and the economy is
sure to be substantial.
ICBA has been at the forefront in responding
to the Equifax breach since the news broke in
September. We called on the credit bureau to
immediately notify affected customers and card
issuers, and to provide us with ongoing briefings
regarding the breach's extent. We followed
that by releasing tips for community bankers
on how to respond to the breach, as well as a
customizable letter for community banks to
inform their customers.
Now, we are taking our response to the next
level by demanding remedial action. Equifax
needs to be held accountable for this massive
and preventable catastrophic event to ensure the
long-term security of community banks and the
friends, neighbors and customers we serve.
Follow Camden R. Fine on Twitter,
@Cam_Fine
independentbanker.org
ICBA Independent Banker 7
http://www.independentbanker.org
Independent Banker - January 2018
Table of Contents for the Digital Edition of Independent Banker - January 2018
Table of Contents
Independent Banker - January 2018 - Intro
Independent Banker - January 2018 - Cover1
Independent Banker - January 2018 - Cover2
Independent Banker - January 2018 - Table of Contents
Independent Banker - January 2018 - 2
Independent Banker - January 2018 - 3
Independent Banker - January 2018 - 4
Independent Banker - January 2018 - 5
Independent Banker - January 2018 - 6
Independent Banker - January 2018 - 7
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Independent Banker - January 2018 - Cover3
Independent Banker - January 2018 - Cover4
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