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“They should be partnering with solution providers who are intimately aware of how to keep the cloud secure.”
#Capital one data breach 2020 software#
“Capital One is one of the most ‘cloud forward’ financial companies in the world,” Tom Kellermann, chief cybersecurity officer at software firm Carbon Black, told CNBC. For many IT organizations today, moving to the cloud like Capital One is considered the ultimate goal. “We are now considered one of the most cloud-forward companies in the world,” Chief Executive Officer Richard Fairbank wrote in the company’s annual corporate social responsibility report just last year.Ĭapital One has become a poster-child for innovation in banking technology by embracing its cloud-first practices and setting ambitious goals to transform the traditional organization into a digital enterprise. Why do these colossal breaches continue to take place? Are companies doing enough to prevent future data breaches? Risk from Innovation and Growth Capital One’s latest security mishap is now considered one of the largest data breaches ever to hit a financial services firm. The bombshell news comes just one week after Equifax agreed to pay at least $640 million for its own major breach in 2017, where hackers stole the personal information belonging to millions of Americans in one of the most significant data breaches in history. The company described the alleged hacker (a former Amazon employee) as a “highly sophisticated individual who was able to exploit a specific configuration vulnerability in our infrastructure.” Nearly 140,000 social security numbers and 80,000 bank account numbers were accessed, Capital One acknowledged in a statement.īloomberg reports that just weeks before the incident was reported, a hacker began tapping into a trove of data from Amazon’s servers the bank was using. Unsurprisingly, financial services firms are targeted more often than any other sector, with breaches tripling over the past five years, according to findings from an Accenture report.Įarlier this week, Capital One-the nation’s third-largest credit card issuer-announced a massive breach to one of its servers that exposed the sensitive personal information of more than 100 million of its customers and applicants. This is especially true for those in the financial services industry where 35 percent of all data breaches occur. The OCC also said the credit card issuer has a history of lax and ineffective cybersecurity going back to at least 2015.A data breach is every CEOs greatest nightmare today.
Specifically, the federal bank regulator said the company had failed "to establish effective risk assessment processes" before migrating some of its technology operations to the cloud. In a consent order filed Thursday, the Office of the Comptroller of the Currency said Capital One had neglected to protect customer data.
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Thompson has pleaded not guilty, and her trial has not begun. The accused hacker, former Amazon web services employee Paige Thompson, was arrested in July 2019 and charged in connection with the incident. More than 100 million credit card applications were exposed in the cyberattack, which was allegedly carried out by a single individual.
Capital One hack exposes identities of millions 02:18Ĭapital One has agreed to pay $80 million to settle federal charges over a 2019 hack of its computer systems that was one of the largest financial data breaches ever.
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