WASHINGTON (1/8/14)--The Credit Union National Association has already received 430 submissions to its recently released data breach impact survey, and CUNA continues to encourage credit unions to forward on their own information as it comes in.
Questions in the 14-item survey on the effects of the Target data breach include when credit unions were notified of the breach, how many of their cards were impacted by the breach, whether or not any of the affected cards were EMV cards, how much call volume has been affected by members asking about the Target breach, and whether credit unions have had to increase staffing as a result of the breach.
There is no deadline for responses, but CUNA encourages credit unions to respond as soon as the information is available. "CUNA recognizes that many credit unions have not yet incurred all of the costs. Those that have a handle on the costs should report right away. The rest should complete the survey as soon as the data is available," CUNA Chief Economist Bill Hampel added.
The survey will help CUNA better represent credit union interests to lawmakers, regulators and the media.
Senate Banking Committee Chairman Tim Johnson (D-S.D.) said Monday that he is considering conducting a hearing to study the recent data breach at Target, and CUNA has reached out to Senate Banking and House Financial Services Committee leaders to encourage them to "fully examine the chronic issue of merchant data breaches, their impact on consumers and financial institutions."
Three Senate Banking panel member--Bob Menendez (D-N. J.), Chuck Schumer (D-N.Y.), and Mark Warner (D-Va.)--have also called on Johnson to hold such a hearing (News Now Jan. 3).