Visa and AmEx Pull the Plug on CardSystems

Thanks to Richard Stiennon for informing me that Visa and American Express will no longer allow CardSystems Solutions to process their credit cards. I am stunned, but in a good way. If companies begin to take security seriously, I will be very pleased. If this turns into a rationale to justify the current "compliance = security" mindset, then nothing will change and more organizations will be compromised.

The CardSystems news page reported yesterday that "John Perry, President and CEO of CardSystems "look[s] forward to the opportunity to share CardSystems' story with the [Congressional] Subcommittee." I found the press release by the House Financial Services Subcommittee on Oversight and Investigations saying the hearing is today at 10 am.