Cost to Financial Institutions for Data Breaches

Data breaches don’t only affect retail establishments and customers, banks and credit unions are also affected.  Each data breach requires new credit and debit cards to be printed and mailed, and for fraudulent charges to be covered.  This comes at a hefty cost to financial institutions. 

The “Credit Union National Association says September’s data security breach at Home Depot cost its members nearly $60 million to reissue cards and cover fraudulent charges.” That’s double the estimate to cover the Target data breach. [Washington Business Journal]