Over the weekend, you may have heard of Global Payments’ data breach, which caused 1.5 million credit card accounts to be compromised.
Global Payments, which processes payments for fims such as Visa, Mastercard and American Express admitted that thieves had accessed card account numbers, expiration data and security codes.
As a result of the data breach, Global Payments has:
- Suffered an 12% price drop in shares
- Lost one of its most important customers; Visa promptly dropped Global Payments from its list of approved vendors and Global Payments is expecting Mastercard to do the same
So in less than 4 days, the US payment processor has suffered a significant loss to their company, including vital and powerful customers, a drop in share prices and significant brand damage.
How easy do you think it will be for Global Payments to win back contracts with Visa and possibly Mastercard? Will they ever regain trust from both customers and clients?
It looks unlikely, but they can always hope. Global Payments Chief Executive Paul Garcia has pledged to spend more on security, but is it all a little too late?
We don’t just tell you this stuff to scare you, they’re real facts that are happening to real companies throughout the world.
In the UK, all organisations must comply with the Data Protection Act and every organisation that stores, transmits or processes card holder data must comply with the Payment Card Industry Data Security Standard (PCI DSS).
Get your company up to scratch with DPA, PCI DSS and Information Security (ISO 27001) with specific training courses >>