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What Does The Global Payments Security Breach Mean For You?

April 4th, 2012

If you’ve been paying attention to the news this week, you may have read about a security breach of credit card information at the processor Global Payments. But you probably haven’t heard much of anything about what this means for you the merchant.

So what actually happened?

Global Payments, a merchant acquirer based out of Atlanta, reported on March 30th an unauthorized breach of security. The hack, which reportedly occurred sometime in late February or early March, accessed Track 2 card data which does not include cardholder names, addresses, or social security numbers.

While the attack was initially reported to be a “massive” hack with up to 10 million accounts at risk, Global Payments has since confirmed the total number of compromised accounts to be fewer than 1.5 million. It is possible for the stolen data to be used to counterfeit new credit cards, and so end users’ accounts could be at risk. Luckily for affected cardholders, Global Payments is fully on the hook for any damages or necessary card replacements.

But what does this mean for merchants?

The news for you, the merchant, is even better. After self-reporting the security breach, Global took the proper steps to isolate and report the problem. This means that you are not at any risk as a business owner, and you will have no issues with terminal or POS hardware or software security.

It is too early to tell how or if this breach might affect overall industry security changes, but for now the news is mostly good. Still, this incident is a great reminder of how important it is to stay up to date on all security regulations to protect you and your customers.

As always, make sure to check back here for all the latest industry news and analysis on how it all impacts you, the merchant.

 

WEMSK Short URL: http://bit.ly/HgwXlS

Entry Filed under: News

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