Bank sues cybertheft victim

In a remarkable twist to a cyber tale, a Texas bank is suing a customer for failing to protect its online account. The dispute involves Hillary Machinery Inc., of Plano, Texas, and Lubbock-based PlainsCapital bank. The amount of money at issue: More than $800,000.

The crime occurred last November when unknown hackers based in Romania and Italy depleted more than $800,000 from the company's account. About $600,000 was subsequently recovered but Hillary wanted the rest of the money repaid.

In a lawsuit, Hillary said the bank did not have adequate security measures to prevent the breach. But the bank turned around and sued back, claiming that legitimate Hillary credentials were used to siphon off the bank account.

The outcome of this legal tussle may spell trouble for banking institutions or it could be a big victory for them as IT breaches continue to plague financial institutions more than other sectors.

For more on this lawsuit:
- see this ComputerWorld article

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