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Missouri’s Credit Unions Feel Impact from Home Depot Data Breach

The Home Depot data security breach hit credit unions hard, including credit unions in Missouri. The total cost to Missouri credit unions is estimated at $759,408, with a nationwide cost of nearly $60 million. These incurred costs include reissuing debit and credit cards, dealing with fraud and covering other costs once the breach was disclosed in September. 

These numbers are from a Credit Union National Association (CUNA) survey released on October 30. Out of the 835 credit unions responding to the survey, 20 were from Missouri. 

Kirk Mondy, president/CEO of Ozark Federal Credit Union, said it was important for their credit union to participate in the survey. 

“Data breaches are a big problem,” says Mondy, who helped share credit union concerns and the results of the survey with U.S. Rep. Jason Smith (R-District 8) during a meeting in Rolla. “We need to see action to protect members’ data and hold retailers accountable.”

The survey results estimate that a total of 7.2 million credit and debit cards were affected by the Home Depot breach, with a cost per card of $8.02. Out of responding credit unions, 80.1% have either reissued or will reissue all affected cards. The Home Depot breach cost estimate of $57.4 million is larger than the $30.6 million Target breach impact to credit unions, which took place in December 2013. To date, credit unions have not been reimbursed for the costs incurred due to the Target breach.

Credit union advocates – including staff, volunteers and members – are encouraged to communicate data breach concerns with Congress by visiting: