WASHINGTON (1/21/14)--Preliminary results from the Credit Union National Association's survey on the impact of the massive Target data breach on credit unions are expected to be released this week.
CUNA has asked credit unions to outline the costs and burdens created by the Target data breach, which resulted in the theft of 40 million debit and credit cards, and encrypted PIN data, and the names, mail and email addresses, and phone numbers of up to 70 million individuals.
Target has admitted responsibility in the breach. Neimann-Marcus has also had data security issues lately, and six other merchants have reportedly been affected by the same hackers that caused the Target breach. (See News Now story: Target-like attack hitting 6 more retailers.)
CUNA has been collecting data from credit unions to inform communications with lawmakers, regulators, the media and others. There is no deadline for credit unions to respond to the survey, and credit unions that have not yet responded are encouraged to do so. CUNA will update the survey results in a few weeks.
Members of the U.S. Congress are looking into the data breach issue and considering holding hearings. Bills that would establish consumer data security standards for companies and require them to notify consumers when a data breach has occurred have also been released. (See Jan. 16 News Now story: Carper, Blunt bills would address data security concerns)