Target breach hit 10% of all FIs' cards, CUNA and partners tell Senate committee
02/04/2014 03:41 pm
The Target data breach has affected 10 percent of the credit and debit card customers of every credit union and bank in the country, CUNA and other financial services representatives said in a Monday letter to the U.S. Senate.
The letter was submitted for the record of a hearing conducted Monday by the Senate Banking subcommittee on national security and international trade and finance entitled "Safeguarding Consumers' Financial Data."
CUNA in the letter again urged legislators to follow three basic principles as they consider data security fixes:
All participants in the payments system should be responsible and be held to comparable levels of data security requirements;
Those responsible for the data breach should be responsible for the costs of helping consumers; and
Consumers should know where their information was breached.
The letter was cosigned by the American Bankers Association, The Clearing House, Consumer Bankers Association, Financial Services Information Sharing and Analysis Center, The Financial Services Roundtable, Independent Community Bankers of America and the National Association of Federal Credit Unions.
Click here for the complete story from CUNA News Now.