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CardSystems Future May be in Jeopardy.

CardSystems Future May be in Jeopardy.

Weeks after hackers penetrated CardSystems network and retrieved 40 million customer records, the company announced that they may have to close their doors. This news comes after two major announcement last week by two of CardSystems major customers.

Visa and American Express in separate announcements said they would be terminating their contracts with CardSystems. CardSystems CEO, John Perry testified "We are disappointed with these actions and, in light of our diligent efforts to remediate, hope that both Visa and American Express will agree to discuss their decision with us and reconsider, lest we be forced to permanently close our doors." before a House committee last week.

MasterCard has chosen not to terminate their contract with CardSystems, but stipulate they must fully meet the PCI Standard requirements by August 31st.

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