Target breach costs Minnesota credit unions $750,000

MINNEAPOLIS, MN (February 24, 2014) — via Jennifer Bjorhus of the Star Tribune, EXCERPT: “The cyberattack on Target Corp. will cost Minnesota’s credit unions nearly $750,000 in replaced cards, data showed Wednesday. The state’s credit unions will reissue 27,000 credit cards and 117,000 debit cards exposed in the breach, at a cost averaging $5.15 per card. The Minnesota Credit Union Network, which disclosed the estimates Wednesday, said the numbers are based on a national survey by the Credit Union National Association… In a news release, Mark Cummins, head of the Minnesota network, said the credit unions and their members ‘are having to cover those costs by themselves.’ Cummins urged Congress to consider legislation that would hold all players in the country’s payments system to comparable security standards and require merchants to reimburse credit unions for the costs of reissuing cards. Nationally, banks and credit unions together have spent more than $200 million replacing the 22 million cards, about half of the 40 million credit and debit cards exposed in Target’s data security breach.” READ MORE:


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