Global Payments Hack With the New Advancements Essay

Excerpt from Essay :

Global Payments Hack

With the new advancements of technology comes the many risks and dangers is also carries along. The evolution of the internet and connect-ability technology has brought everyone closer and has nearly eliminated many communication barriers that have been present throughout recorded history. These new advances have also accompanied a rise in cyber criminals, wishing to invade a person's or business' digital information. The purpose of this essay is to examine computer hacking and hacking processes that pose risks and dangers to society. The essay will use the company Global Payments as an example of how a hacking problems effects many and highlights the dangers involved in our digital world.

This essay will view Global Payments and their hacking problem from a third party accounting system point-of-view. The company's security assessment will be analyzed and different software issues will be discussed. Finally the essay will conclude by offering recommendations to Global Payments to best secure their systems and assets from hackers.

Background Information on Global Payments

In late March of 2012, the company Global Payments was hacked into causing much damage and trouble for the financial security of many individuals and groups. Sidel & Johnson (2012) reported about the confusing mess this breach of security had left. They stated that "The breach underscores the mazelike network of the U.S. payment system, where little-known companies play important roles in processing billions of transactions each day. Global Payments is part of a group of companies called "third-party processors," that serve as middlemen between merchants and banks. "

As time grew on last year, more and more people began to realize that they were at risk of having their credit card information being unlawfully used. To understand the scope of Global Payments and the reach they had on many consumers is to understand the threat of hackers and hacking in these types of situations.

According to its website, Global Payments mission statement is as follows; " we strive to provide the most trusted payment service n the world through strong partnerships and generous commitment to our customers and our people. " They do this by being one of the world's larges electronic transaction processing companies in the world. Global payments also provides comprehensive business to business payment card and processing services such as cash management, financial electronic data interchange, management information and reporting services.

The Breach and the Aftermath

The news that Global Payments was breached was released in late March 2012 and many reactions were noted. The breach itself occurred between the dates of 21 January and 25 February. It took nearly a month for the public to become aware of what had happened at just who was at risk from having their personal financial information hacked. Both Visa and Master Card, customers of Global Payments, issued statements to their own customers about the breach and that there may be some security issues involved with some data.

An estimated 1.5 million accounts were exposed in this breach of security, but some estimated the size of the problem closer to 7 million accounts. Pepitone (2012) claimed that "Global Payments released a statement, saying that while more than 1 million card numbers may have been compromised, cardholder names, addresses and Social Security numbers were not affected. That's a sizeable breach, but it's far less than the worst-case-scenario numbers flying around and it affects just a small fraction of the estimated 1 billion debit and credit cards in circulation in the U.S. "

The final results of the breach were released by Global Payments in mid April 2013. Kitten (2013) reported that "it is closing its investigation of a data breach it discovered in March 2012 that exposed an estimated 1.5 million U.S. debit and credit cards. The company also reports that a breach-related class-action lawsuit filed in April 2012 was dismissed March 6. The lawsuit claimed the processor had failed to maintain reasonable and adequate procedures to protect cardholders' personally identifiable information." In its earnings report for the quarter ended Feb. 28, the company says its network and systems have been…

Sources Used in Document:

References

Dignan, L. (2012). Cost of Global Payments hack likely manageable. CNet, 1 April, 2013. Retrieved from http://news.cnet.com/8301-1009_3-57407787-83/cost-of-global- payments-hack-likely-manageable/

Dubois, S. (2011). What it actually takes to prevent a hack attack. CNN, 11 July 2011. Retrieved from http://management.fortune.cnn.com/2011/07/11/what-it-actually-takes-to- prevent-a-hack-attack/

Global Payments Website. Viewed 1 May 2013. Retrieved from http://www.globalpaymentsinc.com/USA/productsServices/index.html

Kitten, T. (2013). Global Closes Breach Investigation. Bank Info Security, 15 April 2013. Retrieved from http://www.bankinfosecurity.com/global-closes-breach-investigation-a- 5684

Cite This Essay:

"Global Payments Hack With The New Advancements" (2013, May 03) Retrieved October 20, 2019, from
https://www.paperdue.com/essay/global-payments-hack-with-the-new-advancements-100254

"Global Payments Hack With The New Advancements" 03 May 2013. Web.20 October. 2019. <
https://www.paperdue.com/essay/global-payments-hack-with-the-new-advancements-100254>

"Global Payments Hack With The New Advancements", 03 May 2013, Accessed.20 October. 2019,
https://www.paperdue.com/essay/global-payments-hack-with-the-new-advancements-100254