Legal and Privacy Issues in Information Security, 3rd Edition

Business Challenges Facing Financial Institutions

Media reports about financial institutions experiencing a data breach are not unusual:

• In 2019, Capital One reported a data breach involving sensitive information from over 100 million people. The hacker was a former employee at a cloud computing company used by Capital One.
• Equifax, a national credit reporting agency, reported a data breach in 2017. Hackers stole Social Security numbers (SSNs) and other personal information of 143 million Americans.
• In 2013, U.S. authorities arrested seven people who were part of a hacking network that targeted financial institutions around the world. The thieves used the data that they stole to withdraw over $45 million in cash from ATMs around the world. ...