“Unfortunately, 2014 has turned out to be the year of the data breach and now we have the latest report of yet another retail data breach,” said Berger. “Congress must make passing a national data security standard for retailers a top priority when it returns next week. Congress should hold retailers subject to the same national data security standards that apply to financial institutions, such as the requirements of the Gramm-Leach-Bliley Act.”
One year after the Target data breach, the figures are astonishing:
According to NAFCU estimates, the Target data breach will cause financial institutions to lose nearly $500 million in card replacement costs and other expenses.
Since Target’s data breach, there has been a major data breach discovered almost every month, with breaches reported at Home Depot, Michaels stores, Sally Beauty Supply, Neiman Marcus, AOL, eBay, P.F. Chang’s Chinese Bistro, Supervalu, Dairy Queen, Jimmy Johns, Kmart, Staples and Bebe Stores.
There have been 761 breaches that have occurred in 2014 thus far, according to the Identity Theft Resource Center – approximately a 25 percent increase from last year.
NAFCU was the first financial trade organization to call for national data security standards for retailers, and it will continue to push for legislative action on Capitol Hill when the 114th Congress convenes next week. The association has also written Congress urging it to create a bipartisan-bicameral working group to develop legislative responses to retailer data security breaches.
NAFCU is a member of the Payments Security Task Force. The task force is a diverse group of participants in the payments industry focused on EMV chip implementation, including ways to help reduce testing and implementation time, as well as driving a discussion on payments system security. NAFCU is also a member of the Financial Services Sector Coordinating Council and the Financial Services Information Sharing and Analysis Center, which work on infrastructure cybersecurity.
The National Association of Federal Credit Unions is the only national trade association that exclusively represents the interests of federally chartered credit unions before the federal government and the public.