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Capital One has been fined $80Mn by the Office of the Comptroller of Currency (OCC), following its 2019 data-breach. (https://lnkd.in/duwdD96)
The notice details a number of failings which go back to 2015 and include.
1. The bank failed to put in place an ‘effective risk assessment process’ prior to the mitigation of services to the cloud.
2. A failure of the banks internal audit function to identify control weaknesses in the cloud operating environment.
3. The board failed to take appropriate action when internal audit identified certain issues.
4. Failing to adhere to the Code of Federal Regulations – CFR 12 part 30 Appendix B – ‘Interagency Guidelines Establishing Information Security’.
Whilst not the highest civil fine, it will surely open the gates to class actions for the banks clients who had their details compromised.
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