U.S. Senator Roy Blunt (R) highlighted the cost of data breaches to credit unions and other financial institutions during a KMOX radio interview. KMOX’s Mark Reardon interviewed Blunt during his show on January 23. In the last two minutes of the program, the two discussed recent retail data breaches and the “Data Security Act of 2014.” Sen. Blunt is the lead Republican on the legislation, which was re-introduced in January in the U.S. Senate with U.S. Senator Tom Carper (D).
When asked about the bill, Blunt stated, “It’s getting a lot more attention this year."
Blunt then explained why he thinks the data breach notification process needs to change, and pointed out that retailers do not foot the bill for data breach costs.
“When there is a loss, it’s not Target that’s responsible for the loss. It’s the financial institution that issued the card,” said Sen. Blunt during the interview. “It’s the credit union. It’s the bank. And there’s no requirement in the law that they be notified.”
Data Breach Resources Available
The Consumer Financial Protection Bureau (CFPB) has just released helpful information for consumers about data breaches. The three page handout highlights steps to take following a data breach and is an additional resource available to help communicate this issue with members.
The Missouri Credit Union Association (MCUA) has created data breach resources for consumers. The tips are posted on the Credit Unions of Missouri website, and credit unions are encouraged to use these articles in newsletters, on websites, and social media.
These articles are part of an MCUA effort to share weekly consumer information tips with state legislators during the regular session. Credit union staff and volunteers who are signed up to be credit union advocates also receive advance notice of these articles via email each week.
The weekly consumer tips sent to lawmakers will cover a variety of issues in the months ahead. MCUA appreciates suggestions and ideas for issues affecting consumers to share with our elected officials. Contact David Kent or Amy McLard with more information.