Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
URM card breach costs NW CUs $687,000
SEATAC, Wash. (3/5/14)--Before the Target data security breach hit, credit unions in the Spokane, Wash., area were dealing with the aftereffects of a grocery-store chain breach--one that cost them $687,000.
 
The Northwest Credit Union Association (NWCUA) surveyed credit unions about the November 2013 breach linked to Spokane, Wash.-based URM Stores Inc. (News Now Dec. 18).
 
The average affected credit union incurred more than $62,500 in total losses--a number that was noted in the March 4 edition of The Spokesman-Review. The URM breach caused severe losses to local financial institutions, said Debie Keesee, CEO, Spokane (Wash.) Media FCU. "The URM impact was much more concentrated in this area than Target," Keesee told The Spokesman-Review.
 
"Whether it's a Target or a non-Target, credit unions are covering the costs," Lynn Heider, NWCUA vice president of public relations and communications, told News Now.
 
NWCUA prepared a fact sheet to take to the Credit Union National Association's 2014 Governmental Affairs Conference to inform the Washington state delegation about the costs incurred.
 
Combined with the results from CUNA's Target data security breach, which reported $30.6 million in losses nationwide, the fact sheet "armed us with really good eye-opening data that shows how much damage these breaches do," Heider added.
 
The fact sheet also called for stronger data security standards for retailers; required reimbursement of costs incurred by credit unions after a breach; and the ability for credit unions to share the name of the merchant where the breach occurred.
 
CUNA also is pressing Congress to address the shared responsibility that retailers and credit unions have in protecting consumers' data.


RSS





print
News Now LiveWire
.@NACHAOnline report: ACH volume increases to 23B payments in 2014 http://t.co/va2WYMh4Zv
15 hours ago
.@CUNA's @HampelBill in @washingtonpost on options for wary mortgage borrowers: http://t.co/CPSgTNgwmm
20 hours ago
Housing starts thaw, mortgage rates stand pat #Market #NewsNow http://t.co/hhPj5v5AH3
21 hours ago
.@CUNA files #RBC2 comment, urges #CU system to be heard #NewsNow http://t.co/yfoZHAMlZc
21 hours ago
#NewsNow Youth Month attracts 100,000th member for Mich. CU http://t.co/cgF5o83XlK
21 hours ago