Capital One Fined $80 Million For Data Breach. Who's In Your Wallet?

 

Capital One Data Breach Compromised The Personal Information of 106 Million Customers In 2019 

Capital One

Capital One Financial has been fined $80 million by the FDIC for a 2019 data breach. The breach comprised the personal information of 106 million credit cardholders and applicants.

The Federal Reserve Board also demanded the company enhance its risk-management program and related governance and controls around cybersecurity and information security.

The hack took place when the bank transferred information-technology operations to the public cloud. It was one of the largest-ever data breaches of a big bank.

The Office of the Comptroller of the Currency said the bank failed to establish effective risk assessment processes. The OCC also alleged Capital One failed to correct the deficiencies in a timely manner.

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