Capital One is facing a penalty for its huge 2019 data breach, although it might not be as serious as you think. The Wall Street Journal reports that the Office of the Comptroller of the Currency has fined Capital One $80 million over the security failings that led to the breach. The bank didn’t create a strong risk assessment system before moving major systems to the public cloud.
The assumed intruder, Paige Thompson, is believed to have taken advantage of an incorrect firewall for a web app to steal data that affected about 100 million people in the US, plus an extra 6 million in Canada. Her trial will commence in 2021
A bank representative said the company had since poured important resources into bolstering its security and otherwise addressing orders from both the OCC and the Federal Reserve.
The payout isn’t little but it might make many victims happy. The breach exposed sensitive contents like addresses reported income and account numbers, and credit scores. Capital One provided free credit monitoring and identity theft protection after the incident, but unfortunately, the payout still amounts to about 75 cents per person affected in North America. The compensator may look small compared to the security precautions and stresses inflicted on affected people.
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