ZA: Postbank to replace 12m bank cards after security breach

ITWeb reports:

The Postbank is having to replace about 12 million bank cards at a cost of R1 billion after a major security breach that exposes the personal data of millions of social grant beneficiaries and other account holders, Sunday Times reports.

The report says the breach resulted from the printing of the bank’s encrypted master key in plain, unencrypted digital language at the Postbank’s old data centre in the Pretoria city centre.

Not surprisingly, some tried to capitalize on that mistake. Read more on ITWeb.

If I’ve done the rands to USD conversion right, this screwup is costing them $58,726,561.00

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