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America's Community Bankers Survey Results
From: Dissent <Dissent () pogowasright org>
Date: Wed, 07 Feb 2007 13:32:33 -0500
Thanks to list member baforestal () earthlink net who also submitted a link to this press release. ttp://www.prnewswire.com/cgi-bin/stories.pl?ACCT=104&STORY=/www/story/02-07-2007/0004522563&EDATE= A just-completed survey by America's Community Bankers reveals that data security continues to be a significant issue for community banks and their customers, and that card network and congressional action is necessary to address this far-reaching problem. [...] The following are some of the highlights from the ACB member survey conducted between January 26 and February 5. -- Of the 181 respondents, more than 96 percent said they issued debit cards, while 19 percent said they issued credit cards. -- In the past 24 months, 70 percent of respondents said their bank had to reissue cards due to data breaches three times or more and 39% said their bank had to reissue cards more than five times. -- Eighty-nine percent of the debit card issuers and 53 percent of the credit card issuers indicated that their customers had been affected by a data breach. -- Of those affected by a data breach, 92 percent had reissued cards to customers. While not specifically asked in the survey, cumulative data reflect that the average cost for reissuing each debit card is approximately $10-20 per card. Therefore, a bank reissuing 10,000 cards three times at an average cost of $15 per card would incur a cost of $450,000. [...] -- Main site: http://www.pogowasright.org Main RSS feed: http://www.pogowasright.org/backend/pogowasright.rss Breaches RSS feed: http://www.pogowasright.org/backend/breaches.rss _______________________________________________ Dataloss Mailing List (dataloss () attrition org) http://attrition.org/dataloss Tracking more than 146 million compromised records in 562 incidents over 7 years.
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