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Report: Target data breach costs banks more than $200 million

BY Marianne Wilson

New York — The costs related to Target’s data breach have now exceeded $200 million for financial institutions, according to the Consumer Bankers Association and the Credit Union National Association, the Associated Press reported. The $200 million figure does not include the cost of any a fraudulent activity, which would push the cost of the breach to the industry higher as consumers are not held liable.

The two trade associations said that 21.8 million of the 40 million compromised credit and debit cards have been replaced.

The Consumer Bankers Association estimated that the cost of card replacement for its members have reached $172 million, up from an initial finding of $153 million, the report said. The Credit Union National Association says the cost to credit unions has increased to $30.6 million from an original estimate of $25 million.

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