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CU System
CUNA, CBA: CUs, banks to absorb more than $200M in Target breach costs
WASHINGTON, D.C. (2/18/14)--The cost of the Target data security breach has topped $200 million for credit unions and Consumer Bankers Association member banks combined, according to numbers released by the Credit Union National Association and the CBA.
 
Last week, CUNA refreshed numbers from its survey that found the breach has cost credit unions $30.6 million. CBA estimated its member banks have incurred more than $172 million in costs because of the retail giant's data breach.
 
Credit unions and CBA members have replaced 21.8 million cards--more than half of the total of all compromised cards. During the holiday shopping season, the personal information of up to 70 million individuals was stolen along with 40 million debit and credit cards, Target has said.
 
"Credit unions have replaced or will replace 85% of their cards affected by the Target breach at no cost to their members," said CUNA President/CEO Bill Cheney. "The combined $200 million cost borne entirely by (CBA)  banks and credit unions shows the extent to which financial institutions will go to protect their members and customers."
 
CBA President/CEO Richard Hunt said, "Financial institutions of all sizes have been aggressive in ensuring their customers are protected in response to the Target data breach."
 
The $200 million in combined costs does not include any costs associated with fraudulent activity, past or future.
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