PayPal’s $2M Blunder: New York’s Cybersecurity Wake-Up Call!
New York State slapped PayPal with a $2,000,000 settlement for a 2022 data breach. The breach exposed sensitive customer info due to PayPal’s failure to comply with cybersecurity regulations. The lack of multi-factor authentication and weak access controls made it a cybercriminal’s dream vacation spot.
Hot Take:
In the latest episode of “Oops, We Did It Again,” PayPal learns that “password123” isn’t a cybersecurity strategy. The $2 million price tag? Consider it the cost of tuition at the School of Hard Knocks for ignoring New York’s cybersecurity regulations. Maybe next time they’ll remember that multi-factor authentication isn’t just a buzzword!
Key Points:
- PayPal’s $2 million settlement with New York State over a 2022 cybersecurity breach.
- Credential stuffing attack led to the exposure of sensitive customer information.
- Key failure: Lack of mandatory multi-factor authentication.
- Additional security lapses included poor access controls and untrained personnel.
- Settlement requires PayPal to pay within 10 days; further action pending any new violations.
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