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[Dataloss] CardSystems Settles FTC Charges

From: lyger (lygerattrition.org)
Date: Thu Feb 23 2006 - 16:59:55 CST


In the largest known compromise of financial data to date, CardSystems
Solutions, Inc. and its successor, Solidus Networks, Inc., doing business
as Pay By Touch Solutions, have agreed to settle Federal Trade Commission
charges that CardSystems' failure to take appropriate security measures to
protect the sensitive information of tens of millions of consumers was an
unfair practice that violated federal law. According to the FTC, the
security breach resulted in millions of dollars in fraudulent purchases.
The settlement will require CardSystems and Pay By Touch to implement a
comprehensive information security program and obtain audits by an
independent third-party security professional every other year for 20


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