NAFCU: Possible Chick-fil-A Breach a Reminder Congress Must Act to Create National Data Security Standard for Retailers

Nationwide Affiliation of Federal Credit score Unions (NAFCU) President and CEO Dan Berger renewed the affiliation’s push for nationwide knowledge safety and breach notification requirements for retailers amid information of a attainable knowledge breach at Chick-fil-A series eating places.

“Sadly, 2014 has turned out to be the 12 months of the information breach and now we’ve got the most recent report of yet one more retail knowledge breach,” mentioned Berger. “Congress should make passing a nationwide knowledge safety commonplace for retailers a high precedence when it returns subsequent week. Congress ought to maintain retailers topic to the identical nationwide knowledge safety requirements that apply to monetary establishments, such because the necessities of the Gramm-Leach-Bliley Act.”

One 12 months after the Goal knowledge breach, the figures are astonishing:

• In line with NAFCU estimates, the Goal knowledge breach will trigger monetary establishments to lose practically $500 million in card substitute prices and different bills.
• Since Goal’s knowledge breach, there was a significant knowledge breach found nearly each month, with breaches reported at House Depot, Michaels shops, Sally Magnificence Provide, Neiman Marcus, AOL, eBay, P.F. Chang’s Chinese language Bistro, Supervalu, Dairy Queen, Jimmy Johns, Kmart, Staples and Bebe Shops.
• There have been 761 breaches which have occurred in 2014 up to now, in line with the Id Theft Useful resource Heart – roughly a 25 p.c improve from final 12 months.

NAFCU was the primary monetary commerce group to name for nationwide knowledge safety requirements for retailers, and it’ll to push for legislative motion on Capitol Hill when the 114^th Congress convenes subsequent week. The affiliation has additionally Congress urging it to create a bipartisan-bicameral working group to develop legislative responses to retailer knowledge safety breaches.

NAFCU is a member of the Funds Safety Job Power. The duty power is a various group of members within the funds trade targeted on EMV chip implementation, together with methods to assist cut back testing and implementation time, in addition to driving a dialogue on funds system safety. NAFCU can be a member of the Monetary Providers Sector Coordinating Council and the Monetary Providers Info Sharing and Evaluation Heart, which work on infrastructure cybersecurity.

The Nationwide Affiliation of Federal Credit score Unions is the one nationwide commerce affiliation that completely represents the pursuits of federally chartered credit score unions earlier than the federal authorities and the general public.