To win a case, cardholders must show they were affected by the breach and the company was grossly negligent. A number of states have passed laws in the wake of high profile security breaches, but the decision of whether to punish a company after a breach is left up to the state's judicial system. What happens if a company has improperly stored your credit card information and their system is hacked? Unfortunately, the federal government has not passed legislation with specific laws and consequences for companies that fail to adequately protect consumer information. While it is acceptable for a business to store the cardholder name, expiration date and primary account number, they cannot store the full magnetic stripe data, the CVV (three digit code) on the back of the card or the PIN. In addition to these rules, there is certain information companies cannot store.
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