The New York State Department of Financial Services has declared that PayPal will pay $2M in a settlement over charges that it failed to comply with state cybersecurity regulations. The organizations failure to comply with regulations led to a data breach in 2022, which may have compromised data such as:
The breach occurred due to a mishandled alteration to Form 1099-K data collection and flows. This was determined to be the result of inadequately trained engineering staff.
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