CardSystems Security Breach Settlement

CardSystems gained notoriety last year when they experienced that largest loss of financial and credit card date in history. As many as 40 million credit card numbers were compromised after CardSystem’s database was hacked. The database was apparently unencrypted resulting in a potential total loss of customer information.

CardSystems was acquired by pay By Touch shortly after the incident and CardSystems subsequent breakup. Pay By Touch must now implement a third-party managed information security program for the next 20 years.