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PayPal to Settle New York’s Allegations of Cybersecurity Failures

PayPal will pay a $2 million fine to New York state for alleged cybersecurity failures that resulted in a data breach. The state claimed that PayPal violated its Cybersecurity Regulation by not using qualified staff to manage cybersecurity or providing adequate training on cybersecurity risks, leading to cybercriminals accessing IRS Form 1099-Ks, containing sensitive information. PayPal has since rectified these issues and improved its cybersecurity practices.

Source: www.pymnts.com –

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