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Global Payments Breach Tab: $94 Million
From: InfoSec News <alerts () infosecnews org>
Date: Fri, 11 Jan 2013 04:32:42 -0600 (CST)
By Information Security Media Group
January 10, 2013
Global Payments Inc. says the data breach it revealed in April 2012 has
cost the company $93.9 million.
In a Jan. 8 quarterly report, the Atlanta-based payments processor says
expenses associated with the breach, estimated by Global to have
affected 1.5 million payment cards in North America, related mainly to
investments the company has made to enhance security and ensure
compliance with the Payment Card Industry Data Security Standard (see
Global Payments: Breach Exam Complete).
"We hired a qualified security assessor, or QSA, to conduct an
independent review of the PCI-DSS compliance of our systems," Global
states in its filing. The processor goes on to say that its effort to
remediate its systems and processes is "substantially complete," and it
hopes to be returned soon to the payment card network list of PCI-DSS
compliant service providers. "Our failure or a delay in returning to the
list could have a material adverse effect on our business, financial
condition, results of operations and cash flows," Global states.
Global says it has now paid all fines related to non-compliance and has
reached resolution with certain card networks, although it did not
specify which ones. The processor also says its business has not
suffered as a result of the breach.
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- Global Payments Breach Tab: $94 Million InfoSec News (Jan 11)