Data Security: Visa Re- evaluates the Cost of Breach Response
Visa announced changes to the reimbursement rates it offers card issuers whose customers are affected by data breaches. The changes increase reimbursements by 140 percent for most banks. Read the full statement from Visa.
Data protection and cyber security are a top priority among bankers. Banks have the highest level of security among critical US industries, and all participants in the payments system must abide by a strong national standard for safeguarding customer data. ABA, ICBA and others advocated for changes and issued a joint statement for record to the Financial Services Committee of the United States House of Representatives.