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PayPal fined by New York for cybersecurity failures | $2 million fine issued by regulators

$2 million fine issued by regulators

Regulators in New York have issued a $2 million fine to financial service giant PayPal over cybersecurity failures which exposed personally identifiable information (PII) of tens of thousands of customers. Because of this, DFS determined that employees ‘failed to follow proper procedures’ as the changes were made, allowing cybercriminals to exploit exposed credentials to access the forms, which then compromised sensitive customer data. “New York’s nation-leading cybersecurity regulation sets a critical standard for safeguarding consumer data and strengthening the resilience of financial institutions,” said Superintendent Adrienne A.Harris in a statement.

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