Couldn't agree more - how you handle the failure can become more important than the failure itself.
I've let my subscription to Adobe expire because of the way they handled their hacking event. I had a letter from them, explaining what had happened several weeks after I read about it on the BBC news site. Within a day of seeing that news article I had changed my login details, card details and then waited for more information from Adobe.
One short email from them after a few days and a letter weeks after that.
No details on what they're doing to rectify the fault, just another email to let me know my subscription isn't working - damned right, they aren't getting my card details again.
Fortunately I was only using a small percentage of their software and have replaced the functionality with other software packages that don't require my financial details.
Own up, keep everyone informed and fix it.