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Heartland says breach has cost $32 million so far

Posted on August 6, 2009 by Dissent

Heartland Payment Systems on Tuesday (Aug. 4) said it spent $32 million this year paying for costs related to the major data breach it disclosed in January, including $22.1 million to cover fines from key payment card brands and a settlement offer. Heartland did not say how the $22.1 million was split between the fines and the settlement offer, but it did provide clues.

For example, the breach costs of just the second quarter came to $19.4 million and it said that the “majority” of those costs was for the settlement offer, suggesting that the settlement was more than $9.7 million. Legal fees make that precise calculation tricky as well as the lack of a percentage of that majority. “The remainder of the expenses and accruals related to the Processing System Intrusion recorded in the three and six months ended June 30, 2009 were primarily for legal fees and costs the Company incurred for investigations, remedial actions and crisis management services,” Heartland said.

Read more on StorefrontBacktalk.

Related posts:

  • Heartland in $60 mln settlement agreement with Visa
  • Heartland lawsuit plaintiffs go after acquiring banks’ deep pockets
  • Judge dismisses shareholder lawsuit against Heartland (updated)
  • Global Payments revises total breach cost estimates upwards, but wait until you see what *didn’t* cost them
Category: Financial SectorOf Note

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