MADISON, Wis. (2/20/14)--Several media outlets cited the recent statistics announced by the Credit Union National Association and the Consumer Bankers Association that the Target data security breach has topped $200 million for member credit unions and banks combined.
"The tally by the industry trade groups is the most comprehensive so far in identifying the impact on banks and others from the breach that made vulnerable the card accounts of 40 million Target shoppers," a Feb. 18 article in The Wall Street Journal reported. The Wall Street Journal's Corporate Intelligence Feb. 18 blog also cited the same article by reporter Saabira Chaudhuri.
The same article also quoted CUNA President/CEO Bill Cheney. "Credit unions have replaced or will replace 85% of their cards affected by the Target breach at no cost to their members," Cheney said in a statement. "The combined $200 million cost borne entirely by banks and credit unions shows the extent to which financial institutions will go to protect their customers and members."
The Huffington Post also cited CUNA/CBA statistics in a Feb. 18 article. "The more than $200 million in costs doesn't take into account any fraudulent activity, which would push the cost of the data breach to the industry higher as consumers are not held liable," The Huffington Post reported.
In another article, "Target hack strips banks and credit unions of $200M," CNet reported, "In all, 40 million credit and debit cards were compromised in the breach. So far, banks and credit unions have replaced 54.5%, or 21.8 million cards. The cost to banks could increase if additional fraudulent activity occurs with the compromised cards."
Fox Business noted that the cost to CUNA member credit unions from the Target breach has so far totaled $30.6 million.
The National Journal also picked up the CUNA/CBA statistics in a Feb. 18 article. "The Credit Union National Association has updated its calculations of damages incurred by credit unions to $30.6 million, up from $25 million," the article reported.
To read the full articles, use the links.