Capital One fined $80 million for 2019 information breach
The Workplace of the Comptroller of the Foreign money (OCC) assessed an $80 million civil cash penalty in opposition to Capital One for its function within the 2019 hack of 100 million bank card functions.
The OCC reached the choice attributable to “the financial institution’s failure to determine efficient threat evaluation processes previous to migrating important data expertise operations to the general public cloud atmosphere and the financial institution’s failure to right the deficiencies in a well timed method,” in line with a publish.
The doc additionally said that the financial institution lacked adequate community safety and information loss prevention controls. The board additionally failed to carry the administration accountable when inside audits confirmed the problems.
The Capital One breach adopted Equifax’s 2017 breach that resulted within the private data of 147 million folks being stolen. Equifax then needed to pay regulators $700 million.
“Whereas the OCC encourages accountable innovation in all banks it supervises, sound threat administration and inside controls are crucial to making sure financial institution operations stay protected and sound and adequately defend their prospects,” the OCC said.
Extra particulars can be found right here.