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Retailers Must Pay for Credit Card Security Breaches Under New Laws
Retailers will be forced to pay for data compromises when they violate industry standards of data protection under a new Minnesota law, detailed here. California and Texas are considering similar legislation, as noted here and here. The Minnesota law adopts Payment Card Industry Association (PCIA) data protection standards, which require that companies not retain data from a card, including security codes, PINs, and magnetic strip data, for more than 48 hours after a transaction is approved. If a data breach occurs and the retailer failed to comply with the card security protocol, then they will have to pay costs including: refunds for unauthorized purchases, reissuing cards, notifying cardholders, and closing and reopening accounts.