Capital One has notified the public of a data breach affecting 100 million Americans and 1 million Canadians. This is the latest in what seems to be a never ending line of data breaches for large corporations. As per Capital One’s press release on the breach, they are notifying people who’s data was compromised as well as offering free credit monitoring.
[UPDATE 8/1/19 10:45 AM]
Analyst Betsy Graseck from Morgan Stanley has estimated that the breach could cost Capital One between $100 million to $500 million in U.S. fines alone, not including the fines and damages from the 1 million Canadian victims. It has also been speculated that the alleged hacker, Paige Thompson, is also behind additional breaches including Michigan State University, UniCredit SpA (Italy’s largest bank), and Ford Motor Co. All three companies are investigating the issues. The FBI arrested Paige Thompson on Monday.
It seems like every day there has been a new breach or hack- especially this year. Unfortunately, cyber attacks are not going away. As the bounty for hacking goes up, so will the amount of attacks. Hacking is a booming business and doesn’t seem to be slowing down. It’s time to be absolutely sure that your business and personal information is secure at all times. Luckily, they caught the hacker, an ex Amazon AWS employee from Seattle, but we’re not always lucky as to catch the criminal.
If you need help or have questions, don’t hesitate to reach out to us. We’re here to help you be successful with technology and make sure you’re up to date on the latest securities. Don’t know where to start? Read our blog post about cybersecurity.
To read the whole press release from Capital One, click here.