The Canadian Privacy Law Blog: Developments in privacy law and writings of a Canadian privacy lawyer, containing information related to the Personal Information Protection and Electronic Documents Act (aka PIPEDA) and other Canadian and international laws.
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The author of this blog,
David T.S. Fraser, is a Canadian privacy lawyer who practices with the
firm of McInnes Cooper. He is the author of the Physicians' Privacy Manual. He has a national and international practice advising corporations and individuals on matters related to Canadian privacy laws.
For full contact information and a brief bio, please see David's profile.
Please note that I am only able to provide legal advice to clients. I am not able to provide free legal advice. Any unsolicited information sent to David Fraser cannot be considered to be solicitor-client privileged.
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The views expressed herein are solely the author's and should not be attributed to his employer or clients. Any postings on legal issues are provided as a public service, and do not constitute solicitation or provision of legal advice. The author makes no claims, promises or guarantees about the accuracy, completeness, or adequacy of the information contained herein or linked to. Nothing herein should be used as a substitute for the advice of competent counsel.
This web site is presented for informational purposes only. These materials do not constitute legal advice and do not create a solicitor-client relationship between you and David T.S. Fraser. If you are seeking specific advice related to Canadian privacy law or PIPEDA, contact the author, David T.S. Fraser.
Friday, July 22, 2005
CardSystems threatened with extinction due to Visa and AMEX termination
The CEO of CardSystems testfied before the US House Financial Services Subcommittee that his company is likely to shut down because Visa and Amex is ending their relationship with the company that was faulted with allowing a breach of personal information of 40M people.
Credit Data Firm Might Close - Yahoo! News:"As a result of coming forward, we are being driven out of business," John M. Perry, chief executive of CardSystems Solutions Inc., told a House Financial Services Committee subcommittee considering data-protection legislation. He said that if his firm is forced to shut down, other financial companies will think twice about disclosing such attacks. ...
Perry called the decisions by Visa and American Express draconian and said that unless Visa reconsiders, CardSystems would close and put 115 people out of work. CardSystems handles only a small percentage of American Express transactions, while Visa accounts for a large part of its business.
Perry said closing his company could disrupt the ability of merchants to complete transactions, since it might take time for them to arrange for alternate payment processors. For that reason, Visa said it is not cutting off the company until Oct. 31.
While Perry said his company is doing everything it can to ensure that such a breach never occurs again, Visa said it could not overlook that CardSystems knowingly violated contractual requirements for how long credit card data were supposed to be stored and how they were secured...."
Labels: cardsystems, information breaches
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