Trustmark National Bank and Green Bank N.A. have sued security firm Trustwave for damages suffered from the holiday season data breach at Target Corp, accusing the company of failing to identify security gaps.

The two banks are seeking damages of more than $5 million and named Trustwave Holdings and Target as defendants, said Reuters.

The banks allege that the vulnerabilities in the Target system were either undetected or ignored by Trustwave, giving hackers access to millions of card accounts and personal records, Reuters said.

The suit seeks compensatory and statutory damages for what the banks claimed were the losses they sustained in canceling and reissuing credit and debit cards that were exposed in the data breach.

Some 40 million payment card records were stolen from the discount retailer, along with 70 million other records with customer information such as addresses and telephone numbers, during the 2013 holiday shopping season.

Target spokeswoman Molly Snyder declined to comment on the American Banker report, said Reuters, and Trustwave was not available for comment outside regular business hours.

http://in.reuters.com/article/2014/03/26/target-trustwave-lawsuit-idINL4N0MN2R120140326