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Security breach cost Heartland $12.6 million so far
From: InfoSec News <alerts () infosecnews org>
Date: Fri, 8 May 2009 04:01:30 -0500 (CDT)
http://www.networkworld.com/news/2009/050709-heartland-breach-tally.html By Ellen Messmer Network World 05/07/2009 Heartland Payment Systems today reported that the security breach it disclosed earlier this year has cost the company about $12.6 million so far, including legal costs and fines from MasterCard and Visa, which directly contributed to a $2.5 million loss for the quarter. Heartland also detailed plans to protect its credit- and debit-card processing network with an end-to-end encryption system that it will begin rolling out with its merchants in the third quarter. “We are in a cybercrime arms race,” said Bob Carr, Heartland’s chair and CEO, in explaining why Heartland intends to deploy the custom-built encryption equipment. During the company’s financial earnings call, Carr and other Heartland executives acknowledged the breach is proving a heavy financial burden and that there’s no estimated total cost. [...]
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