US credit union regulator coughs up $50k for lost thumb drive

US credit union regulator coughs up $50k for lost thumb drive

America's credit union regulator has agreed to pay up to $50,000 to cover costs associated with a data breach that saw it lose a thumb drive handed over to one of its examiners by Palm Springs Credit Union.

The National Credit Union Administration Board says that a failure to follow its own policies on securing data saw the thumb drive lost during an examination of PSCU.

The drive did not include passwords or PINs and there is no sign of any unauthorised access to members’ accounts or attempts to gain improper access.

However, the board has approved the $50,000 payment to PSCU to cover credit report monitoring for members, credit union staff time associated with the breach and legal fees. Costs so far are around $36,000.

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