Early in 2019, Capital One became the victim of one of the largest cyberattacks on a bank in history. Here are some of the most important takeaways from this incident.
1. A single attack can impact countless customers.
In the Capital One data breach, the hacker was able to access the data of more than 100 million people. Capital One is now forced to report the incident to everyone affected and take steps to protect them from further damage.
2. Hackers are often looking for ways to steal customers’ identities.
When the Capital One breach occurred, the hacker was able to steal more than 80,000 bank account numbers and 140,000 Social Security numbers. The breach also included one million Canadian social insurance numbers. This information can be sold to criminals and/or used to impersonate the customers in question, leading to significant financial loss and other serious consequences.
3. Even big companies are vulnerable.
Capital One is a large, established bank that likely has significant security measures in place, yet a hacker was still able to successfully access the company’s data. This highlights the importance of up-to-date security, vigilance and cyber insurance for companies of all sizes.
4. A single breach can be very costly for a business.
According to the New York Times, Capital One is expecting to spend up to $150 million to recover from the breach. This cost includes the expenses related to credit monitoring of affected customers, as well as any other claims that may arise.
5. Breaches are often due to a lapse in security.
The New York Times reports that the hacker was ultimately able to access Capital One’s information because of a lapse in security. Had Capital One kept its security as tight as it should have been, the incident never would have occurred.
If you operate a business that collects and maintains consumer data, you cannot be too careful when it comes to cybersecurity. Data breaches happen every day, and you need to take steps to protect your customers. It is also important to have a solid plan in place for dealing with any security breaches that may occur.