News Briefs: Costs Of Breach At BJ's May Be As High As $10M
The cost of last year's theft of confidential customer data from BJ's Wholesale Club continues to escalate for affected credit unions, reaching at least $10 million according to several sources. One CU official who testified before Congress last week on the data breach said the incident cost CUNA Mutual Insurance Group around $5.7 million to reimburse 163 CUs for all related expenses. And dozens of other credit unions represented by third-party credit card companies are also reported to have racked up millions of dollars in like expenses. CUNA Mutual has filed suit against BJs for reimbursement of the costs for what has become the largest theft of personal information from credit unions.