Lenders are facing some extraordinary times right now as they try to prepare for the months ahead; underwriting risk has...
Capital One recently suffered a data breach resulting from poor security practices that exposed 100 million credit card applications and accounts. They expect the breach to cost the company $150 million. Two years back, Equifax lost 140 million identities, again from poor security practices. At the time, I said that according to GDPR this should cost them $150 million. They have since settled for about $600 million -- though some of that seems to be in-kind services coverage like free credit monitoring (lol!). Separately, Facebook has settled for a $5 billion fine associated with the Cambridge Analytica privacy "breach".
The WSJ reports that the hack actually occurred in March instead of May; the breach wasn’t discovered until July 29th and it was announced to the public on September 7th. Source
Now more than ever it is important to bring the fintech community together. Many readers are already aware that we...
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[Editor’s note: This is a guest post from Jeff Knott, assistant vice president at Equifax. Equifax is a bronze sponsor and will be...
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