The Independent Community Bankers of America (ICBA) has filed a lawsuit against Equifax for its recent breach of 145.5 million consumer records and 209,000 payment cards.
The case, which was filed by ICBAon behalf of its members, in US District Court for the Northern District of Georgia, seeks monetary compensationfor all community banks harmed by the breach.
ICBA, which was joined by two of its members, Bank of Zachary and First State Bank in Barboursville, has also requested the court to order Equifax to beef up its security measures consistent with legal and regulatory requirements and industry standards to protect personally identifiable information and payment card data.
The ICBA accuses Equifax for failing to heed warnings from security experts about its security vulnerabilities and did not provide the resources required to thwart the breach.
ICBA president and CEO Camden Fine said: “ICBA and the nation’s community banks are deeply troubled by the massive and preventable data breach at Equifax and its impact on community banks, consumers, small businesses and the economy.
“Today’s lawsuit demands remedial action because Equifax needs to be held accountable for this massive and preventable catastrophic event.”
ICBA vice chairman and Bank of Zachary CEO said: “Community bankers have witnessed firsthand how the Equifax breach has harmed the members of the communities we serve.”
First State Bankpresident and CEOSam Vallandingham said: “Equifax needs to be held accountable for this catastrophic event to protect the long-term security of our customers.”