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Target hack cost banks and credit unions more than $200 million

19
Feb
2014

Last years cyberattack on US retail giant Target in which up to 40 million credit cards were compromised and up to 70 million names, email addresses, and phone numbers were stolen — has cost banks and credit unions more than $200 million. The Consumer Bankers Association (CBA) and the Credit Union National Association (CUNA) have replaced 21.8 million cards, more than half of those compromised in the attack. The cost to CBA member banks has now reached $172 million, while credit unions have spent $30.6 million. Both figures have increased from original estimates of $153 million and $25 million respectively, and still dont take into account the cost of replacing cards for financial institutions that are not members of the Consumer Bankers Association or Credit Union National Association.

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