ST. PAUL, Minn. (8/19/14)--When reports surfaced that a major data-breach had hit the SuperValu grocery chain, which operates hundreds of grocery stores throughout the Midwest, media outlets called on a credit union leader to seek insight into how this will affect financial institutions.
While the scope of the breach may not be as great as other high-profile attacks, Minnesota Credit Union Network President/CEO Mark Cummins told the Minneapolis/St. Paul Business Journal (Aug. 15), financial institutions will still feel an impact.
"SuperValu and Cub Foods in particular are well-known brands that many credit union folks shop at," Cummins told the Business Journal.
And the cost of replacing credit and debit cards for credit unions can run between $5 and $10, Cummins said, adding the Target breach cost credit unions in Minnesota about $750,000.
SuperValu reported last week that more than 200 locations had been infiltrated through its payments-processing systems between June 22 and July 17 of this year, and an investigation into the matter is under way.
The Credit Union National Association continues to urge Congress to address data security as it relates to merchants, who aren't held to the same standards as credit unions and other financial institutions.
Minnesota, meanwhile, isn't the only state that would be affected by a breach of SuperValu stores.
Illinois Educators CU, Springfield, Ill., with $50 million in assets, sent out a notification to members that the credit union is aware of the breach, which may have affected Illinois-based stores such as Shop 'n Save and Jewel-Osco, and that it will closely monitor any new information that materializes.
"We strongly advise members who may have shopped at any of the affected stores with their IECU debit or credit cards to closely monitor their accounts," an IECU press release said.
Additionally, the Los Angeles Times reported Friday that the grocery store chain Albertsons was attacked recently as well, affecting approximately 180 stores in Southern California, in addition to many others in several other states.
The Boise, Idaho-based chain also operates stores in Idaho, Montana, North Dakota, Nevada, Oregon, Washington, Wyoming and southern Utah. Albertsons said the breach occurred between June 22 and July 17.