WASHINGTON (10/2/14)--In an effort to assess the damages, costs and all potential consequences of the recent Home Depot data breach, the Credit Union National Association is conducting a survey on the impact of the breach on credit unions. CUNA is distributing the survey to credit unions that offer debit and credit cards.
"I assure you we are pulling out all the stops to let policymakers know just how serious the effects on credit unions are of the growing number of data breaches," wrote CUNA President/CEO Jim Nussle in an email to credit unions.
"To help us deliver the message here in Washington," Nussle said, "we need to know more about the effects of this latest data breach on your credit union."
The survey is seeking information on:
Survey results will be reported in aggregate form and used to further CUNA advocacy efforts on the need for greater data security standards for merchants.
CUNA has asked for survey replies by Oct. 24.
The trade association executed a similar survey on the 2013 Target breach and found that credit unions incurred $30.6 million in costs directly related to the breach--not including fraud costs. The average cost per affected card was $5.68, and 4.6 million cards were compromised, the survey found.