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From: security curmudgeon (jerichoattrition.org)
Date: Wed Aug 05 2009 - 16:12:07 CDT
04 August 2009 - 13:55
Heartland swings to Q2 net loss as cost of data breach mounts
Last year's data breach at Heartland Payment Systems continues to prove
costly, with the vendor incurring related pre-tax expenses of $19.4
million in the second quarter, contributing to a net loss for the three
The $19.4 million in various expenses, accruals and reserves comes on top
of $12.6 million in costs in the first quarter attributable to the massive
data breach, which saw malicious software in the firm's processing system
potentially compromising the card data of millions of people.
Of the $32 million for the six months, $22.1 million, relates to fines
imposed by the card brands in April 2009 against the company and its
sponsor banks and a settlement offer made.
Heartland says it has not received any response to this settlement offer
and there can be no assurance the claims that are the subject of the can
or will be accepted.
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