CardSystems may be driven out of business after the attack

Friday, 22 July 2005, 2:54 PM EST

The head of a payment-processing firm that was infiltrated by computer hackers, exposing as many as 40 million credit card holders to possible fraud, told Congress on Thursday that his company is "facing imminent extinction" because of its disclosure of the breach and industry's reaction to it.

"As a result of coming forward, we are being driven out of business," John Perry, chief executive of CardSystems Solutions Inc., told a House Financial Services Committee subcommittee considering data-protection legislation. If his firm is forced to shut down, he said, other financial companies will think twice about disclosing such attacks.

By Jonathan Krim at the Detroit News.

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