PayPal, Inc. has been fined $2 million by New York's Department of Financial Services for violating cybersecurity regulations after failing to manage key cybersecurity roles with qualified personnel. An investigation revealed that inadequate training and poor implementation of policies led to the exposure of sensitive customer information, including social security numbers. The breaches occurred after PayPal made changes to data flows for IRS Form 1099-Ks without proper procedural adherence, resulting in unauthorized access by cybercriminals, highlighting the need for rigorous cybersecurity standards.
New York's nation-leading cybersecurity regulation sets a critical standard for safeguarding consumer data and strengthening the resilience of financial institutions.
Qualified cybersecurity personnel are the first line of defense against potential data breaches, and providing proper training is vital to protecting sensitive data.
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