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The Cost Of A Breach, Heartland Style: At Least $129 Million; Might Be $229 Million

Posted on February 24, 2010 by Dissent

Evan Schuman comments:

In its latest financial report, Heartland Payment Systems reported that it dropped $129 million on data breach costs last year (an incident that briefly placed Heartland on Visa’s Bad Breach Boy list). The company added that it still has a reserve of $100 million for additional expenses.

As a processor, Heartland’s pain is certainly much more severe than what would be inflicted on a retailer involved in a similarly large breach. But $229 million is starting to look like real money.

Read more on StorefrontBacktalk.

Related posts:

  • Heartland in $60 mln settlement agreement with Visa
  • Judge dismisses shareholder lawsuit against Heartland (updated)
  • Heartland lawsuit plaintiffs go after acquiring banks’ deep pockets
Category: Commentaries and AnalysesFinancial Sector

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