Global Payments Breach Tab: $94 Million

[InfoSec News <alerts () infosecnews org>]

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.

[...]


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