Card Not Present Fraud , Events , Incident & Breach Response

Why Target Could Owe Banks

Attorney: Banks' Case to Block MasterCard Settlement Has Merit
Why Target Could Owe Banks
Chris Pierson

A class-action suit filed by U.S. banks and credit unions that's pending against Target Corp. could prove fruitful for the banks and credit unions, says attorney Chris Pierson, chief security officer at invoicing and payments provider Viewpost (see Target, MasterCard Settle Over Breach).

Pierson, who caught up with BankInfoSecurity during the RSA Conference 2015, says banking institutions' attempt to block a recent settlement that was reached between MasterCard and Target related to fraud losses and recovery expenses related to Target's November 2013 breach has merit. If Target settles with MasterCard, banks and credit unions could lose their right to pursue additional compensation from Target, he says.

During this interview, Pierson discusses:

  • Unique legal protections provided in Minnesota, where Target is based, to banks and credit unions that issue cards;
  • How Target's settlement of consumer class action suits could impact the class action filed by banks and credit unions against Target; and
  • Why the Target case is likely to set the bar for future breach protections provided to card issuers.

In addition to serving as executive vice president, general counsel and CSO for Viewpost, Pierson also serves on the Department of Homeland Security's Data Privacy and Integrity Advisory Committee and Cybersecurity Subcommittee. And he is a distinguished fellow of the Ponemon Institute. Before joining Viewpost, Pierson served as the first chief privacy officer for the Royal Bank of Scotland's U.S. banking operations, where he oversaw RBS's privacy and data protection program. Additionally, Pierson formerly served as a corporate attorney for Lewis and Roca, where he established the firm's cybersecurity practice, representing companies on security and data breach matters.

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