Gemalto Dismisses Any Security Concerns About SIM Card Hacks

Last week, a report in The Intercept revealed that GCHQ and NSA managed to hack into all of Gemalto’s systems and steal encryption keys for its SIM cards, credit card chips and so on. Gemalto is currently the largest SIM chip manufacturer in the world, serving over 3,000 banks and 450 carriers.

Such a hack could have potentially disastrous financial implications for the company. Within a day, the company had already lost $500 million in stock value. For a security company, having trustworthy products is critical to keeping customers buying products.