Processing Your Payment

Please do not leave this page until complete. This can take a few moments.

January 2, 2009

State: Data breaches tally $2M

By The Mainebiz News Staff

The state's Bureau of Financial Institutions has issued a report on the costs of data security breaches to Maine banks and credit unions.

The study found that of the 75 financial institutions that responded, 71 were affected by a data breach since Jan. 1, 2007, incurring combined expenses totaling more than $2 million, according to a state press release. The study also identified consumer protection steps taken by financial institutions in the aftermath of a breach. Read a copy of the study here.

Over the last two years, two major data breaches have affected Maine financial institutions: One in January 2007 at TJX, which owns TJMaxx, Marshalls and HomeGoods, and a larger breach in March 2008 at Hannaford Bros. The Hannaford breach affected 71 institutions, nearly 244,000 account holders and cost Maine banks and credit unions $1.6 million, the press release states.

Together, the breaches resulted in unauthorized or fraudulent transfers at 25 institutions, including 265 accounts and $75,000 at one institution.

Sign up for Enews

Most Recent

Most Recent

Comments

Order a PDF