Credit unions in Missouri are sharing the impact of data breaches in the Show-Me State by participating in the Target and Schnucks surveys. But more feedback is needed from Missouri's credit unions.
So far, 34 credit unions in Missouri have completed the Credit Union National Association (CUNA) Target survey. As of January 17, there were 936 responses from credit unions nationwide. Take the survey here.
In its preliminary survey results, CUNA found that the 34 Missouri credit unions estimated their total costs at almost $315,000 with nearly 62,000 affected cards. CUNA’s survey indicates that the Target data breach has cost credit unions about $5.10 per card. This does not yet include fraud losses, which are anticipated to grow.
A Schnucks data breach survey is currently in effect for credit unions in Missouri. The Missouri Credit Union Association (MCUA) encourages credit unions to take part in this survey, which was distributed to credit union presidents on January 15. The deadline has been extended to Friday, January 31. By participating, credit unions will help ensure that the data MCUA collects is consistent when communicating with the Congressional delegation. It provides a Missouri-specific example that demonstrates the need for changes in addressing data breaches. If you did not receive the survey link, please contact Amy McLard, SVP of Advocacy for MCUA, via email or at 314.542.1370.
Thank you to the following credit unions that have already responded to the Schnucks survey:
MCUA and CUNA will use this data breach data when speaking with lawmakers, regulators, members of the media and others. Your credit union’s participation is vital to providing an accurate picture of credit unions’ losses and why data breach legislation is needed.