Security

10:11 AM
Greg MacSweeney
Greg MacSweeney
Slideshows
Connect Directly
LinkedIn
Twitter
Facebook
Google+
RSS
E-Mail
50%
50%

The Top 9 Most Costly Financial Services Data Breaches

The recent data breach involving MasterCard and VISA card information is only the latest in a string of hacks and thefts that have cost financial institutions multimillions of dollars. Here are the biggest most recent data breaches.
Previous
2 of 9
Next


Global Payments Inc.

Type: Hack
Cost: Unknown


On March 30, Brian Krebs, who runs the website KrebsonSecurity.com, reported that MasterCard and Visa began warning banks about a breach at a processor that could involve 10 million compromised card numbers. According to Krebs, the alert says, "Full Track 1 and Track 2 data was taken -- meaning that the information could be used to counterfeit new cards."

The Wall Street Journal is reporting that Global Payments Inc., which processes card transactions for merchants, has been hit by the breach. Global Payments now says the breach only involved 1.5 million accounts.

According to KrebsonSecurity.com, Visa recently announced in a release that, "Visa Inc. is aware of a potential data compromise incident at a third-party entity affecting card account information from all major card brands. There has been no breach of Visa systems, including its core processing network VisaNet."

Information Source:
KrebsonSecurity.com

 

Greg MacSweeney is editorial director of InformationWeek Financial Services, whose brands include Wall Street & Technology, Bank Systems & Technology, Advanced Trading, and Insurance & Technology. View Full Bio

Previous
2 of 9
Next
Comment  | 
Print  | 
More Insights
Register for Wall Street & Technology Newsletters
White Papers
Current Issue
Wall Street & Technology - July 2014
In addition to regular audits, the SEC will start to scrutinize the cyber-security preparedness of market participants.
Video