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ARTICLE · 09 MARCH 2006

Perspective: Data Risk and Consequences

Duane Morris LLP
Duane Morris LLP
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The current Federal Trade Commission has little tolerance for companies that fail to take appropriate security measures to protect the financial data of their customers.

United StatesMedia, Telecoms, IT, Entertainment
Eric Sinrod
Eric Sinrod
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Reprinted with permission from CNET News

The current Federal Trade Commission has little tolerance for companies that fail to take appropriate security measures to protect the financial data of their customers.

Indeed, the commission just settled charges brought against CardSystems Solutions and its successor, Soldius Networks, doing business as Pay By Touch Solutions, for allegedly not taking adequate security measures to protect the sensitive information of tens of millions of people.

This security breach caused millions of dollars in fraudulent purchases, according to the FTC. The settlement will require CardSystems and Pay By Touch to institute a comprehensive information security program that will include audits by an independent security professional every other year for 20 years.

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