Target breach hit 10% of all FIs’ cards, CUNA and partners tell Senate committee
The Target data breach has affected 10% of the credit and debit card customers of every credit union and bank in the country, the Credit Union National Association 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.”
“The financial services industry stands ready to assist policymakers in ensuring that robust security requirements apply to all participants in the payments system,” CUNA and the cosigners said.
“Our payments system is made up of a wide variety of players: financial institutions, card networks, retailers, processors, and new entrants. Protecting this eco-system is a shared responsibility of all parties involved and all must invest the necessary resources to combat increasingly sophisticated breach threats to the payments system,” the letter added.continue reading »