Target breach turns 1, merchant security standards remain lax

first_img 5SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr While Cyber Monday brings online deals from retailers around the country, it also brings fresh concerns for the credit union community about future merchant data breaches. Credit Union National Association President/CEO Jim Nussle said future breaches are only going to add to the costs already borne by credit unions.“On Cyber Monday–the biggest online shopping day of the year–credit unions and CUNA remain very concerned that most retailers are doing little or nothing to stop data breaches. Under today’s standards for retailers, it’s not a question of if retailers will be breached again–whether online or at their brick-and-mortar stores–it’s only a matter of when,” he said. “And credit unions will once again be left holding the bag to protect their members.”It was just about a year ago hackers were compromising millions of Target customer data records in a huge breach of information. Nussle remarked on the nearing that anniversary, and again called for retailers to adopt the same data security standards financial institutions are subject to.“A year ago, Target allowed its customers’ data to be breached and fall into the hands of criminals. To date, Target has yet to pay a penny to financial institutions–including the $30 million credit unions and their members incurred–to cover the costs that the data breach imposed on them. And costs to credit unions have continued to add up this year,” Nussle said. continue reading »last_img

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