WASHINGTON (9/17/14)--The Credit Union National Association is again turning to its member credit unions to help assess the costs of retailer security breaches--this time regarding the massive compromise of card information at Home Depot.
CUNA is urging credit unions to record breach-related activity and costs as they receive and process breach notifications in the upcoming weeks. The new survey will collect data to inform lawmakers, regulators, media and others about the effects of the data breach on credit unions.
The Home Depot breach could top 60 million compromised cards--significantly higher than last year's Target breach that affected 40 million cardholders.
CUNA 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.
The results of that CUNA survey made headlines in national media outlets for weeks.
While Target's breach lasted about three weeks and included about 1,500 stores, the Home Depot breach has the potential to be the largest breach ever. The home improvement retailer has 1,977 stores in the United States and 180 in Canada, and the breach went unnoticed for five months. Home Depot confirmed the breach Sept. 8 but has not released any further information.
Among the information CUNA will collect on the Home Depot breach:
CUNA strongly advocates on behalf of legislation that would protect financial institutions and consumers from the harm such breaches cause by subjecting merchants to the same federal data protection standards to which credit unions and other financial institutions are already subject.