WASHINGTON (4/16/14)--Even with the U.S. Congress out of session until April 28, credit unions are keeping the focus on what must be done to improve the country's data security.
The Michigan Credit Union League's efforts in support of consumer data security gained coverage on MiBiz.com, with the league suggesting that the Consumer Financial Protection Bureau supervise retailer consumer data protection practices and how those retailers investigate consumer data theft.
"We think retailers should have skin in the game, and they ought to be responsible and have a vested interest in protecting customers' information," MCUL Chief Operating Officer Ken Ross told MiBiz.com. While credit unions and banks are subject to strict security requirements, retailers are not held to the same standards. If one part of the larger puzzle doesn't fit correctly, there can be serious downstream implications, he told MiBiz.
The retailers, Ross argued, must make security a priority, as credit unions and others do.
A data breach at Target stores last year 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. Credit unions incurred more than $30 million in losses as a result of the breach.
While a recent Newtek Business Services survey showed that 67% of business owners polled were not concerned about credit card security at their businesses, data breaches and other methods of online theft are becoming all too common. (See March 7 News Now: Survey says majority of business owners unconcerned about card security.)
Around 20% of Americans have been affected by a data breach, a January Pew Research Center report showed. According to the Pew report:
For the MCUL story and more on the data breach report, use the resource links.