Weekly News Roundup: February 14, 2014

Some news highlights from the week, including a working theory of the Target breach, counting the cost to credit unions, and retailers and banks join forces in the fight against fraud.

Krebs on Security – Email Attack on Vendor Set Up Breach at Target – A working hypothesis is firming up that Target was breached through a phished HVAC vendor, which had access to a portion of Target’s network. According to Brian Krebs and former Target employees, a series of insufficient security barriers may have eventually allowed hackers into the treasure trove of credit cards on the POS system.

PYMNTS.com – Target Breach Cost To Credit Unions: $30 Million – More big numbers in the Target breach: the National Association of Federal Credit Unions released an estimate this week that costs to U.S. credit unions may reach $30 million. The figure equates to roughly $45,000 per member credit union, partly due to credit unions having to bear the double costs of both issuing new cards and covering consumer fraud, while also picking up the tab for retailers. A recent study by the federal credit union organization also found that some merchants have experienced financial and reputational damage because of the breach.

Bank Technology News – Retail, Banking Trade Groups Form Cybersecurity Partnership – Major retail associations and banks are teaming up to improve cybersecurity across both industries in the wake of recent fraud activity.