Government Bank Regulator Fines Capital One $80 Million for Inadequate Risk Assessment Processes That Led to Data Breach

The Office of the Comptroller of the Currency (OCC) has fined Capital One $80 million over a data breach last year that compromised the personal information of about 106 million card customers and applicants. The OCC said the bank failed “to establish effective risk assessment processes“ before transferring information-technology operations to the public cloud and “to correct the deficiencies in a timely manner.” The order requires the bank to make risk-management changes and beef up its cybersecurity defenses. The bank said it has already made many of the needed changes.


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