Multiple failings in addressing vulnerabilities, access control and authentication use.
PayPal has been ordered to pay $2 million to settle charges of cybersecurity lapses that resulted in a data breach in 2022.
In December 2022, PayPal confirmed that unauthorised parties were able to access accounts using legitimate credentials between December 6th and 8th. “During this time, the unauthorised third parties were able to view, and potentially acquire, some personal information for certain PayPal users,” it said in a statement at the time.
The New York State Department of Financial Services has ordered the payment to be made, saying PayPal failed to address vulnerabilities impacting its customer portal for accessing 1099 income tax forms rolled out three years ago.
It also said PayPal did not properly adopt and maintain access control, customer data, and identity management policies, and there was a lack of multi-factor authentication mandates during the time of the breach.
Written by
Dan Raywood is a B2B journalist with 25 years of experience, including covering cybersecurity for the past 17 years. He has extensively covered topics from Advanced Persistent Threats and nation-state hackers to major data breaches and regulatory changes.
He has spoken at events including 44CON, Infosecurity Europe, RANT Forum, BSides Scotland, Steelcon and the National Cyber Security Show, and served as editor of SC Media UK, Infosecurity Magazine and IT Security Guru. He was also an analyst with 451 Research and a product marketing lead at Tenable.
