Jolly discusses ‘silver lining’ of Target data breach

Credit unions that tuned into yesterday’s webcast were told of the “silver lining” of the Target data breach, which is the focused attention it’s brought to the data security issue and to the importance of keeping consumers’ information safe.

“The Target data breach has a silver lining,” said Bruce Jolly, a partner at Reed & Jolly, who led Thursday’s webcast with NAFCU Senior Vice President of Government Affairs and General Counsel Carrie Hunt. “It has focused intense attention on the dangers that we have in keeping that data safe.”

During the webcast, Jolly discussed the claims that have been filed against Target, how credit unions can decide whether to join the class action suit and what lessons can be applied from previous data breach cases such as BJ Wholesalers, TJ Maxx and Hannaford.

Jolly also pointed out during the webcast that EMV card technology would not have prevented the Target data security breach. Hunt agreed and added that EMV “is not a full solution.”

Jolly also discussed whether a legislative solution is needed for data security. He said that the answer is yes, “if it places the merchants under the same duty of care financial institutions must observe.”

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