The National Association of Federal Credit Unions (NAFCU) has estimated that the recent Target data breach would cost the credit union community nearly $30m.
In its February 2014 Economic & CU Monitor survey, the NAFCU found that the average cost for the Target data breach was $45,000.
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NAFCU chief economist and research director David Carrier said that credit unions are being hit by a double whammy in terms of numbers of possible data breaches and costs.
"It is ironic that despite the ample rules in place to ensure data protection standards at financial institutions like credit unions, merchants and retailers are not held accountable for data breaches," David added.
Respondents to the NAFCU survey on data security incidents were alerted to a possible breach 263 times on average in 2013, and the average amount spent on data security measures was $158,600.
Nearly half (42%) of respondents confirmed that their reputation had been harmed due to a merchant data breach.
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By GlobalDataFurthermore, the respondents who participated in the survey indicated that an average of 10,300 cards were affected by merchant data breaches in 2013.
