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PayPal Fined $2 Million for Security Failures


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PayPal has been hit with a $2 million fine by New York's financial regulator, the Department of Financial Services (DFS). This is due to cybersecurity issues that led to a data breach in December 2022.

This breach put the personal information of many customers at risk, including their social security numbers, email addresses, and names. The DFS investigation found major problems with PayPal's cybersecurity methods. The company didn't hire qualified people for important cybersecurity roles and didn't give enough training to help reduce cybersecurity risks. These issues were directly tied to the security breach.

 

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The fine is one thing, but the reputation hit is another.

 

I'm a little torn about this.  I think companies don't prioritize spending for cyber security defence and that needs to change, but I don't think fining companies for failing is going to end well.  Cybersecurity is one of those jobs that can go well 364 days, and that 1 day puts their job in jeopardy. 

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