NCUA Board Chairman Debbie Matz said retailers and other third parties should be responsible for the costs of data breaches on their systems.
"Throughout this year, credit unions and their members have suffered from data breaches they did not cause. However, no matter how far removed a data breach may be from a credit union, that credit union may pay in terms of its balance sheet and its reputation," Matz said in a speech before the Metropolitan Area Credit Union Management Association Monday.
"When breaches occur in third-party data systems, the responsible third parties should be held accountable," she added.
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