Today several news sites have reported the Global Payments data breach comes in at $84.4 million based on cost estimates that GP endured through expenses relating to digital forensics, fines, and remediation. Unless you have the memory of a goldfish, you’ll remember this Global Payments data breach kept getting bigger and bigger. Coming in at a whopping 1.5 million credit cards stolen the data breach was in the news for months, mostly because Global Payments had to keep re-adjusting their numbers.
“Global Payments, which back in the spring reported a data breach in which information associated with an estimated 1.4 million payment cards was stolen, has revealed that expenses associated with investigations, fines and remediation has hit $84.4 million.”
After crunching the numbers that comes in at $56.27 per record which is well below the $214 per record a 2010 Ponemon study on “Cost of a Data Breach” revealed. However, if I were GP I wouldn’t be cheering just yet. The reputational damage inflected by such a large data breach will be hard to factor in and has the potential to stay will the company for a while, just ask Sony.
To read the Ponemon study on the costs of a Data Breach and how they are on the rise.