Schnucks Data Breach Has $1 Million+ Impact on Missouri Credit Unions
The Schnucks data breach cost credit unions and their members more than $1 million. That's according to a recent survey conducted by the Missouri Credit Union Association (MCUA) to assess the overall impact of the Schnucks data breach on credit unions in Missouri.
Responding credit unions alone paid $245,578 to replace compromised cards. More than 61,200 cards were re-issued to members as a result of the Schnucks data breach. Click here for more survey results - including a break down of the costs of replacement cards, fraudulent charges and staff/other expenditures.
Credit unions from Missouri presented members of Congress with the Schnucks data breach survey results during Hill visits at the CUNA Governmental Affairs Conference (GAC) on February 26-27. These GAC attendees emphasized the great financial impact that data breaches have on their members.
“Being able to provide members of Congress with hard numbers about the impact of the Schnucks data breach on credit unions in Missouri made a real difference during GAC,” says Amy McLard, MCUA SVP of Advocacy. “We have unfortunately been hit hard in Missouri with local and national breaches within the last year. This puts a cost and effect on how data breaches impact their constituents."
So far, 28 credit unions have participated in the Schnucks data breach survey. The Missouri Credit Union Association is updating the survey results as new information comes in, to follow up with members of Congress. To accurately reflect the total impact, credit unions that have not responded to the survey and had any losses in connection with the Schnucks data breach are encouraged to participate. For more details, please contact Amy McLard, MCUA SVP of Advocacy, via email or phone, 314.542.1370.