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Global Payments: data breach cost a whopping $84.4 million

Costs of payment-card breach include investigation, remediation and card-brand fines

By , Network World
July 26, 2012 10:20 PM ET

Network World - Global Payments, which back in the spring reported a data breach in which information associated with an estimated 1.4 million payment cards was stolen, has revealed that expenses associated with investigations, fines and remediation has hit $84.4 million.

The Atlanta-based payments-processing firm acknowledged that number as part of its fiscal report for 2012 revenues, which totaled about $2.2 billion, up 18% from $1.82 billion in 2011.

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In describing the “completion of our data intrusion investigation,” the company stated it had a “pre-tax charge of $84.4 million,” noting this includes “an estimate of charges from the card brands and investigation and remediation expenses. A qualified security assessor is conducting the independent review required to return the company to the lists of PCI-compliant service providers.”

Ellen Messmer is senior editor at Network World, an IDG publication and website, where she covers news and technology trends related to information security. Twitter: MessmerE. E-mail: emessmer@nww.com.

Read more about security in Network World's Security section.

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