The 2016 cyber heist resulted in the loss of $81 million to Philippine casinos so the RCBC is facing accusations of negligence in failing to prevent cybercrime. It is also facing accusations that it did not implement adequate security measures to prevent the theft of such a large sum of money.
The New York Supreme Court Ruled Only on Its Jurisdiction
The case against RCBC was filed in May 2022 and RCBC argued that the court did not have the jurisdiction to hear the case. However, the court rejected this argument and confirmed that it has the jurisdiction to hear the case, but did not make any ruling on the validity of the lawsuit. The court also instructed both parties to try to resol…