NAFCU asks Obama for retailer accountability in data breaches
NAFCU President and CEO Dan Berger wrote to President Barack Obama to urge support for legislative action on a national data security standard for retailers as news of successive massive data breaches at major retailers continues to break.
Berger cited the latest disclosed breaches that have hit UPS, Jimmy Johns’s, Community Health Systems Inc. and Supervalu and underscored the gravity of the situation millions of consumers are facing.
“These numerous breaches should lead to serious pause for the Administration, as the number of data breaches is broader and more frequent,” Berger wrote. “NAFCU calls on the White House to work with Congress to take legislative action to address data breaches that occur at the hands of retailers.”
Berger also noted the particularly heavy impact of the massive Target breach last year, which the association estimates will cost the credit union community as much as $30 million, due to costs associated with fraud monitoring, reissuing cards and related measures.continue reading »