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In an interview that aired statewide on Maine Public Radio on Friday, June 5, your League's President John Murphy discussed data breaches and the significant impact they are having on credit unions. Murphy also used the opportunity to "continue to advocate for federal legislation to hold those responsible for breaches accountable."
Your League has been outspoken about the issue of data breaches in ongoing communications with Maine's Congressional Delegation. Earlier this year, Senator King referenced data provided by the Maine Credit Union League on the Senate Floor in a speech about the problem of cyber security and data breaches. In addition, your League has served as a "significant" resource for media outlets about the costs and growing frequency of data breaches. "Data breaches have had a significant impact on credit unions. We looked and found that in 2013-14, Maine's credit unions have re-issued in the neighborhood of 400,000 to 500,000 ATM debit cards, and we estimate the total cost, including fraud, in the neighborhood of $2.5 million," stated Murphy.
Murphy was candid when asked by MPR's reporter about next steps. "What's needed is legislation that puts more onus on the businesses that are breached. "The folks that are responsible for not taking proper care of consumers' data ought to be responsible for absorbing the costs associated with fraud and re-issuing the cards. Those entrusted with confidential consumer data should be called to account if that data are stolen," he said.
With legislation that would put more responsibility on merchants for data breaches introduced in the House and Senate, your League issued a 'Call To Action' last month urging Maine CU officials to contact all four members of Congress asking for them to co-sponsor and support the legislation. Murphy said conversations with members of the Delegation and their staff continue.
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