(FinancialHealth.net) – In 2019, Capital One customers were the victims of one of the biggest data breaches in history. A 33-year-old woman, Paige Thompson, allegedly accessed more than 100 million users’ personal information. Now, the feds are making the bank pay.
On August 6, the Office of the Comptroller of the Currency fined Capital One $80 million for failing to “establish effective risk assessment processes” before it transferred its operations to the public cloud. The agency also said the bank didn’t “correct the deficiencies in a timely manner.”
The alleged hacker was able to access the data by exploiting a misconfigured firewall. The crime has led many experts to warn about the risks of banks using public clouds. American Banker suggests financial institutions take steps to ensure they’re reinforcing security. Check their suggestions out:
Capital One fine is latest wake-up call for banks using the cloud https://t.co/AqHRCV8tL9
— American Banker (@AmerBanker) August 7, 2020
Capital One claims it’s tightened security, saying protecting customers’ sensitive information “is essential to [its] role as a financial institution.” The bank will be required to submit a cybersecurity plan within 90 days.
As a consumer, you should always check your bank accounts and credit cards to ensure the charges are all from you. If you see something suspicious, call the bank that holds the account right away. Vigilance is the best way to protect your financial security.
~Here’s to Your Financial Health!
Copyright 2020, FinancialHealth.net
