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The challenge for Capital One is the hack follows on from the recent fines levied by the ICO and others. Reading the court fillings issued on the 29th of July there is little clarity on what happened, what wasn’t said raises more questions than what was.
The speed of the investigation from the initial contact on the 17th July to the filling on the 29th July is quick. There is no clarity of where infrastructure was located, either inside Capital One or the Cloud provider and no mention of the name of the cloud provider. We know the name of the defendant, what they did to steal data, where they put it, but little detail on how. This all raises uncertainty, it raises questions on the role of Capital One to identify and secure their customers PII, the use of cloud and staff access staff to client data.
Cyber is an unpredictable risk to manage inside the corporate firewall. For Capital One, class actions have been launched and the regulatory environment makes cyber a very unpredictable risk to manage outside it now.
There’s one thing equity and capital markets hate that’s unpredictability. A +5% fall in share price sends a clear message that markets take cyber seriously. There’s a clear link between the impact of cyber, shareholder value and balance sheet sensitivity.
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