[ISN] Global Payments Breach Tab: $94 Million

http://www.bankinfosecurity.com/global-payments-breach-tab-94-million-a-5415 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. […] ______________________________________________ Visit the InfoSec News Security Bookstore Best Selling Security Books and More! http://www.shopinfosecnews.org