Capital One fined $80 million by U.S. regulators for 2019 data breach

According to the Washington Post, the bank Capital One has agreed to pay an US$80 million fine to US regulators over a major incident in 2019 in which 100 million credit card applications were illegally accessed. This hack was one of the largest data breaches ever to hit a financial services firm. The US Office of the Controller of the Currency has stated that it ‘took these actions based on the bank’s failure to establish effective risk assessment processes prior to migrating significant information technology operations to the public cloud environment and the bank’s failure to correct the deficiencies in a timely manner’.