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News Now

Washington
CUs can re-submit breach survey responses if costs grow
WASHINGTON (1/13/14)--With news of the impact of the recent Target data breach continuing to unfold, the Credit Union National Association encouraged the 500 credit unions that have already participated in its data breach survey to resubmit their responses with updated impact information.

Target on Friday revealed that the names, mail and email addresses, and phone numbers of up to 70 million individuals were compromised in the breach. The retailer initially reported that the data breach resulted in the theft of 40 million debit and credit cards, and encrypted PIN data. ASE CU, Montgomery, Ala., has taken legal action against Target as a result of the breach. (See News Now story: ASE CU first to take legal action after Target breach.)

"There is no deadline to complete the survey because some of the costs are yet to be incurred," CUNA Chief Economist Bill Hampel said. "Please complete the survey as soon as you have reasonable estimates of any costs to your credit union associated with the breach."

Those that have already completed the survey and have learned of additional costs since that time can complete the full survey again, reporting total costs since the beginning of the breach, he added. Questions in the 14-item survey on the effects of the Target data breach include when credit unions were first 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.

The survey will help CUNA better represent credit union interests to lawmakers, regulators and the media.

For the full survey, use the resource link.
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