PayPal Fined $2 Million by New York for Cybersecurity Violations

MT Newswires Live01-24

PayPal (PYPL) will pay a $2 million penalty to New York State for violating the state's cybersecurity regulation, the New York State Department of Financial Services said Thursday.

A probe revealed that PayPal failed to use qualified personnel to manage key cybersecurity functions and failed to provide adequate training to address cybersecurity risks, the DFS said.

These failures led to sensitive customer information, including social security numbers, being left unredacted and easily accessible to cybercriminals, it added.

"Qualified cybersecurity personnel are the first line of defense against data breaches," said Superintendent Adrienne Harris.

"Providing proper training and effectively implementing cybersecurity policies and procedures are vital steps to protecting sensitive data and mitigating risks," Harris added.

The DFS also said the company did not require customers to use multifactor authentication to help prevent unauthorized access. It added that PayPal has since remediated the issues and improved its cybersecurity practices.

PayPal didn't immediately respond to a request for comment from MT Newswires.

Price: 88.79, Change: -1.06, Percent Change: -1.18

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

Krispnz
01-25
Krispnz
Whilst $2m is not a game changer, this could put a dent in PayPal's brand and keen to see how this impacts trust in this service and opens market for others

Leave a comment

1

2

1

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2505904935?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2025-01-24 01:20","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2505904935","market":"nz","top_or_hot":-1,"title":"PayPal Fined $2 Million by New York for Cybersecurity Violations","media":"MT Newswires Live","content":"<html><body><p> <a href=\"https://laohu8.com/S/PYPL\">PayPal</a> (PYPL) will pay a $2 million penalty to New York State for violating the state's cybersecurity regulation, the New York State Department of Financial Services said Thursday.</p><p>A probe revealed that PayPal failed to use qualified personnel to manage key cybersecurity functions and failed to provide adequate training to address cybersecurity risks, the DFS said.</p><p>These failures led to sensitive customer information, including social security numbers, being left unredacted and easily accessible to cybercriminals, it added.</p><p>\"Qualified cybersecurity personnel are the first line of defense against data breaches,\" said Superintendent Adrienne Harris.</p><p>\"Providing proper training and effectively implementing cybersecurity policies and procedures are vital steps to protecting sensitive data and mitigating risks,\" Harris added.</p><p>The DFS also said the company did not require customers to use multifactor authentication to help prevent unauthorized access. It added that PayPal has since remediated the issues and improved its cybersecurity practices.</p><p>PayPal didn't immediately respond to a request for comment from MT Newswires.</p><p>Price: 88.79, Change: -1.06, Percent Change: -1.18</p></body></html>","source":"mtnewswires_news","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>PayPal Fined $2 Million by New York for Cybersecurity Violations</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPayPal Fined $2 Million by New York for Cybersecurity Violations\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-01-24 01:20 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.mtnewswires.com/><strong>MT Newswires Live</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>PayPal (PYPL) will pay a $2 million penalty to New York State for violating the state's cybersecurity regulation, the New York State Department of Financial Services said Thursday.A probe revealed ...</p>\n\n<a href=\"https://www.mtnewswires.com/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":null,"symbol_name":null,"start_time":0,"source_url":"https://www.mtnewswires.com/","article_id":"2505904935","we_media_id":"1092851196","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2505904935","pubTimestamp":1737652825,"columns":[],"sourceInfo":{"source_id":"mtnewswires_news","name":"MT Newswires"},"weMediaInfo":{"media_name":"MT Newswires Live","introduction":"The most recognized names in North America, Europe and Asia rely on MT Newswires to power their applications. Better news, better service, better price.","home_visible":1,"id":"1092851196","head_image":"https://community-static.tradeup.com/news/3002d84abbd5ace3c99397c7f95b8d4e"},"summary":"PayPal  will pay a $2 million penalty to New York State for violating the state's cybersecurity regulation, the New York State Department of Financial Services said Thursday.A probe revealed that PayPal failed to use qualified personnel to manage key cybersecurity functions and failed to provide adequate training to address cybersecurity risks, the DFS said.These failures led to sensitive customer information, including social security numbers, being left unredacted and easily accessible to cybercriminals, it added.\"Qualified cybersecurity personnel are the first line of defense against data breaches,\" said Superintendent Adrienne Harris.\"Providing proper training and effectively implementing cybersecurity policies and procedures are vital steps to protecting sensitive data and mitigating risks,\" Harris added.The DFS also said the company did not require customers to use multifactor authentication to help prevent unauthorized access. It added that PayPal has since remediated the issues","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{},"translate_title":"PayPal因违反网络安全被纽约罚款200万美元","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"PYPL":1},"content_text":"PayPal (PYPL) will pay a $2 million penalty to New York State for violating the state's cybersecurity regulation, the New York State Department of Financial Services said Thursday.A probe revealed that PayPal failed to use qualified personnel to manage key cybersecurity functions and failed to provide adequate training to address cybersecurity risks, the DFS said.These failures led to sensitive customer information, including social security numbers, being left unredacted and easily accessible to cybercriminals, it added.\"Qualified cybersecurity personnel are the first line of defense against data breaches,\" said Superintendent Adrienne Harris.\"Providing proper training and effectively implementing cybersecurity policies and procedures are vital steps to protecting sensitive data and mitigating risks,\" Harris added.The DFS also said the company did not require customers to use multifactor authentication to help prevent unauthorized access. It added that PayPal has since remediated the issues and improved its cybersecurity practices.PayPal didn't immediately respond to a request for comment from MT Newswires.Price: 88.79, Change: -1.06, Percent Change: -1.18","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"policyRegulatory","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[{"id":396205277295232,"gmtCreate":1737755217870,"gmtModify":1737755676049,"author":{"id":"4198989211980502","authorId":"4198989211980502","name":"Krispnz","avatar":"https://community-static.tradeup.com/news/e4e6fc4af1e7d3b71ac1e93020656000","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"4198989211980502","authorIdStr":"4198989211980502"},"htmlText":"Whilst $2m is not a game changer, this could put a dent in PayPal's brand and keen to see how this impacts trust in this service and opens market for others","listText":"Whilst $2m is not a game changer, this could put a dent in PayPal's brand and keen to see how this impacts trust in this service and opens market for others","text":"Whilst $2m is not a game changer, this could put a dent in PayPal's brand and keen to see how this impacts trust in this service and opens market for others","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/396205277295232","repostId":2505904935,"repostType":2,"repost":{"id":"2505904935","kind":"highlight","weMediaInfo":{"introduction":"The most recognized names in North America, Europe and Asia rely on MT Newswires to power their applications. Better news, better service, better price.","home_visible":1,"media_name":"MT Newswires Live","id":"1092851196","head_image":"https://community-static.tradeup.com/news/3002d84abbd5ace3c99397c7f95b8d4e"},"pubTimestamp":1737652825,"share":"https://ttm.financial/m/news/2505904935?lang=&edition=fundamental","pubTime":"2025-01-24 01:20","market":"nz","language":"en","title":"PayPal Fined $2 Million by New York for Cybersecurity Violations","url":"https://stock-news.laohu8.com/highlight/detail?id=2505904935","media":"MT Newswires Live","summary":"PayPal  will pay a $2 million penalty to New York State for violating the state's cybersecurity regulation, the New York State Department of Financial Services said Thursday.A probe revealed that PayPal failed to use qualified personnel to manage key cybersecurity functions and failed to provide adequate training to address cybersecurity risks, the DFS said.These failures led to sensitive customer information, including social security numbers, being left unredacted and easily accessible to cybercriminals, it added.\"Qualified cybersecurity personnel are the first line of defense against data breaches,\" said Superintendent Adrienne Harris.\"Providing proper training and effectively implementing cybersecurity policies and procedures are vital steps to protecting sensitive data and mitigating risks,\" Harris added.The DFS also said the company did not require customers to use multifactor authentication to help prevent unauthorized access. It added that PayPal has since remediated the issues","content":"<html><body><p> <a href=\"https://laohu8.com/S/PYPL\">PayPal</a> (PYPL) will pay a $2 million penalty to New York State for violating the state's cybersecurity regulation, the New York State Department of Financial Services said Thursday.</p><p>A probe revealed that PayPal failed to use qualified personnel to manage key cybersecurity functions and failed to provide adequate training to address cybersecurity risks, the DFS said.</p><p>These failures led to sensitive customer information, including social security numbers, being left unredacted and easily accessible to cybercriminals, it added.</p><p>\"Qualified cybersecurity personnel are the first line of defense against data breaches,\" said Superintendent Adrienne Harris.</p><p>\"Providing proper training and effectively implementing cybersecurity policies and procedures are vital steps to protecting sensitive data and mitigating risks,\" Harris added.</p><p>The DFS also said the company did not require customers to use multifactor authentication to help prevent unauthorized access. It added that PayPal has since remediated the issues and improved its cybersecurity practices.</p><p>PayPal didn't immediately respond to a request for comment from MT Newswires.</p><p>Price: 88.79, Change: -1.06, Percent Change: -1.18</p></body></html>","source":"mtnewswires_news","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>PayPal Fined $2 Million by New York for Cybersecurity Violations</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPayPal Fined $2 Million by New York for Cybersecurity Violations\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1092851196\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://community-static.tradeup.com/news/3002d84abbd5ace3c99397c7f95b8d4e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">MT Newswires Live </p>\n<p class=\"h-time\">2025-01-24 01:20</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><p> <a href=\"https://laohu8.com/S/PYPL\">PayPal</a> (PYPL) will pay a $2 million penalty to New York State for violating the state's cybersecurity regulation, the New York State Department of Financial Services said Thursday.</p><p>A probe revealed that PayPal failed to use qualified personnel to manage key cybersecurity functions and failed to provide adequate training to address cybersecurity risks, the DFS said.</p><p>These failures led to sensitive customer information, including social security numbers, being left unredacted and easily accessible to cybercriminals, it added.</p><p>\"Qualified cybersecurity personnel are the first line of defense against data breaches,\" said Superintendent Adrienne Harris.</p><p>\"Providing proper training and effectively implementing cybersecurity policies and procedures are vital steps to protecting sensitive data and mitigating risks,\" Harris added.</p><p>The DFS also said the company did not require customers to use multifactor authentication to help prevent unauthorized access. It added that PayPal has since remediated the issues and improved its cybersecurity practices.</p><p>PayPal didn't immediately respond to a request for comment from MT Newswires.</p><p>Price: 88.79, Change: -1.06, Percent Change: -1.18</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.mtnewswires.com/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2505904935","content_text":"PayPal (PYPL) will pay a $2 million penalty to New York State for violating the state's cybersecurity regulation, the New York State Department of Financial Services said Thursday.A probe revealed that PayPal failed to use qualified personnel to manage key cybersecurity functions and failed to provide adequate training to address cybersecurity risks, the DFS said.These failures led to sensitive customer information, including social security numbers, being left unredacted and easily accessible to cybercriminals, it added.\"Qualified cybersecurity personnel are the first line of defense against data breaches,\" said Superintendent Adrienne Harris.\"Providing proper training and effectively implementing cybersecurity policies and procedures are vital steps to protecting sensitive data and mitigating risks,\" Harris added.The DFS also said the company did not require customers to use multifactor authentication to help prevent unauthorized access. It added that PayPal has since remediated the issues and improved its cybersecurity practices.PayPal didn't immediately respond to a request for comment from MT Newswires.Price: 88.79, Change: -1.06, Percent Change: -1.18","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":2,"commentSize":1,"repostSize":1,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.30.2","shortVersion":"4.30.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2505904935"}