WASHINGTON — Following Target Corp.'s announcement that its data breach has
Last month Target revealed that more than 40 million credit and debit cards accounts were compromised in the breach that occurred between Nov. 27 and Dec. 15. Encrypted personal identification numbers were stolen as well.
The Target breach now creeps closer to the March 2007 TJX Cos. Inc. breach that impacted 90 million accounts and the 2008 Heartland Payment Systems breach where 134 million credit cards were exposed.
"The latest revelation of compromised consumer records well illustrates NAFCU's case for setting a statutory requirement for merchants' protection of consumer data. Merchants and big-box retailers must be accountable for data breaches originating on their end," said NAFCU President Dan Berger. "Credit unions and other financial institutions aren't the problem. There are ample rules in place to ensure data protection standards at financial institutions. Still, consumers and small financial institutions — including credit unions — are picking up the tab for retailers. Until a legislative fix is put in place, consumers' sensitive financial and personal data will continue to be at risk."
Berger added that NAFCU commended members of Congress, including Sens. Richard Blumenthal (D-Conn.), Patrick Leahy (D-Vt.), Robert Menendez (D-N.J.) and Charles Schumer (D-N.Y.), "for their calls for investigation and to hold retailers responsible for protecting consumers' information. As Congress calls for hearings and potential legislation, we are steadfast in championing safeguards to protect credit unions and their 96 million members."
CUNA President Bill Cheney said news of the Target data breach nearly doubling "underscores the need for policymakers to more fully consider data security issues. CUNA continues to urge Congress to conduct hearings about this problem, with the ultimate aim of holding merchants accountable for the costly effects of data breaches."
