Another Bank Hacked: Personal Info of Over 100 Million Customers Stolen
- The 10th largest bank by assets suffer from one of the top largest breaches ever
- The incident is expected to cost between $100 to $150 million in 2019
- Deutsche Bank is troubleshooting a possible security breach
- Equifax reached deal with authorities to pay $575 million in penalties for the 2017 breach that affected 147 million Americans
- And regulators are singling out crypto industry
Personal information, social security, and bank account numbers of more than 100 million individuals were compromised in massive data theft, said Capital One Monday.
The bank is ranked 10th on the list of largest banks in the US by assets.
On of the top 10 largest bank breaches ever, the theft led to the arrest of a Seattle woman between March 12 and July 17, Paige A. Thompson.
Capital One stated, in a news release that
“100 million individuals in the United States and approximately 6 million in Canada”
About 140,000 Social Security number and 80,000 bank account numbers from credit card customers were accessed.
The breach was discovered on July 19 and the company
“immediately fixed the configuration vulnerability that this individual exploited and promptly began working with federal law enforcement.”
The incident, the bank said is expected to cost between $100 to $150 million in 2019.
It’s Banks, Not Crypto in Need of “very, very strong” Regulations
Just last week, Equifax reached a deal with the Consumer Financial Protection Bureau, Federal Commission and 50 states on the 2017 breach that affected about 147 million Americans.
Per the deal, Equifax has to pay at least $575 million in penalties to the CFPB.
Another one is the Deutsche Bank which is troubleshooting a possible security breach involving sensitive client information.
Meanwhile, regulators are singling out and picking at the cryptocurrency industry when the banks and financial institutions are losing customer information in security breaches.
Banks and other institutions are just as much if not more prone to security breaches and are increasingly involved in illicit activities.
Despite this, US Treasury Secretary Steven Mnuchin wants “very, very strong” regulations for cryptocurrencies which is still a nascent industry, with Bitcoin only being a deace old while banks have a history that goes back centuries.
“We’re going to make sure that bitcoin doesn’t become the equivalent of Swiss-numbered bank accounts, which were obviously a risk to the financial system,”
he said recently.
Mnuchin's remarks about the nascent crypto industry won’t help it in flourishing in the country rather as experts have pointed out it will push it to the overseas where the laws aren’t stifling the innovation.