La Pine meets with Rep. Bachus, first credit union data breach numbers are out
01/22/2014 04:24 pm
After more than 930 credit unions responded to CUNA data breach survey, it is estimated that credit unions across the country have incurred between $25 million and $30 million in costs just associated with this data breach.
Alabama and Florida credit unions that responded to the survey say that nearly 350,000 cards were breached and that totals an estimated $1.8 million in total costs. Breaking it down further, Alabama credit unions have seen 80,000 cards affected for a total of $400,000 in costs. Florida credit unions are among the hardest hit with more than 270,000 cards affected for $1.4 million in costs. These are early estimates that will surely rise over the next few weeks.
LSCU & Affiliates President/CEO Patrick La Pine met with Rep. Spencer Bachus (R-AL) in Birmingham on Monday. The Target data breach was one of the major topics discussed. La Pine says it was a good meeting that sets up a larger conversation next month.
"Rep. Bachus was very open to our perspective on the data breach. We had a good conversation with lots of questions. He will want to know more about the breach from credit unions at next month's CUNA GAC," says La Pine.
If your credit union has not filled out the CUNA survey, it is still open.
Visit the CUNA website to get started. These numbers incurred by credit unions will be very important to lawmakers and the media.