CUNA: Target Data Breach Has Cost Michigan CUs $1.17M (Misc News: January 22, 2014)
The data breach at Target stores has already cost Michigan credit unions about $1.17 million, according to a national CUNA survey.
Nationally, the security breach has cost credit unions between $25 million and $30 million, according to a CUNA News Now story.
CUNA estimates that about 197,000 debit cards and 229,000 credit cards from Michigan credit unions were affected by the security breach. Based on the survey, CUNA estimates that the breach cost $5.10 per card.
But the association added that those costs do not include fraud losses, which are likely to occur later if the cards are used. CU Journal reported today that two people were arrested in Texas for investigation of charges of possessing card information from the Target data breach.
The CUNA survey asked credit unions affected by the Target data breach to outline the costs and burdens they have seen as a result. The breach resulted in the theft of 40 million debit and credit cards, encrypted PIN data, and the names, mail and email addresses, and phone numbers of up to 70 million individuals.