Data breach to cost $84M for Global Payments

Data breach to cost $84M for Global Payments

Summary: After a security breach that took place months ago, Global Payments is now left with a hefty surcharge.

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TOPICS: Security
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Hoping to reassure customers and analysts as soon as possible, Global Payments has released a detailed statement about the data breach that it incurred months ago.

The most important facts to know now is that Global Payments is asserting that the breach has been contained and only "Track 2" data was at risk of being exposed. That means credit card numbers themselves, but not names, addresses and Social Security numbers.

In March, the Atlanta-based network admitted it had been the victim of a targeted cyber attack that put approximately 50,000 credit card holders at risk. The attack customers from the top four credit card companies: Visa, MasterCard, American Express, and Discover.

But Global Payments still doesn't get off the hook. The Wall Street Journal is also reporting that the event will also cost $84.4 million in damages to credit card processing agency. Global Payments will have to pay some expenses to the aforementioned credit card companies as well as provide credit monitoring and identity protection insurance to customers for free.

In June, Global Payments provided an update, saying that only a limited portion of its North American card processing system was affected, and the total of actual card numbers that may have been exported did not exceed 1,500,000.

But Global Payments also went on to say in that update that "it is unclear whether the intruders looked at or took any personal information from the Company's systems."

In Thursday's memo, the agency reaffirmed this statement, adding that they are continuing to notify individuals potentially at risk.

Furthermore, Global Payments acknolwedged that the investigation is ongoing, and it may "continue to deliver card numbers to the card brands and other third party brands to help combat fradulent activity."

Topic: Security

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