Global Payment Hack: Almost 340 Million Drop in Value

[caption id="" align="alignleft" width="290" caption="Global Payment Hacked"]Global Payment Hacked[/caption]

This is what they said in their press release: “Global Payments Inc. (NYSE: GPN), a leader in payment processing services, announced it identified and self-reported unauthorized access into a portion of its processing system. In early March 2012, the company determined card data may have been accessed. It immediately engaged external experts in information technology forensics and contacted federal law enforcement. The company promptly notified appropriate industry parties to allow them to minimize potential cardholder impact. The company is continuing its investigation into this matter." And more PR to make people feel comfortable. The 'initial shock' cost of this is easily calculated, as their market cap is 3.72 billion dollar and that dropped just over 9% before trading was halted. Almost 340 Million. Now, this is a share price and that can go back up, but there will be hard costs. This will probably cost them up to 100 Mil if not more. High price to pay. I bet you the hackers came in by using social engineering. You need to inoculate your users against that !

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