PayPal Settles with New York Over Cybersecurity Failures
PayPal will pay a $2 million civil fine to the New York Department of Financial Services for cybersecurity failures that exposed customers' Social Security numbers. The settlement resolves a probe that found PayPal failed to use qualified staff to manage key cybersecurity functions and failed to provide adequate training on cybersecurity risks.
As a result of these failures, sensitive customer information, including Social Security numbers, was easily accessible to cybercriminals.