Capital One to Pay $80M Penalty Over Data Breach Incident

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Capital One Financial COF has agreed to pay $80 million in fine to U.S. banking regulator over a data breach incident that occurred last year. The cyberattack exposed personal information of 106 million credit card holders of the bank in the United States and Canada.

In the consent order, the Office of the Comptroller of the Currency (OCC) stated that Capital One did not “establish effective risk assessment processes prior to migrating significant information technology operations to the public cloud environment.” The OCC also noted that even after concerns related to cyber security were raised during an internal audit, the top management didn’t take proper action.

Under the terms of the OCC order, Capital One is required to take adequate steps to ensure that its computer system has sufficient security and submit the plans for review. The company faces a similar oversight from the Federal Reserve.

Capital One in a

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CFPB to propose rules for how companies access customer data

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The Consumer Financial Protection Bureau plans to propose clearer standards on how fintech firms access consumers’ financial account information, the agency said Friday.

The bureau said it will release an advance notice of proposed rulemaking later this year that could prompt further inquiry into whether market participants — including banks, fintechs and data aggregators — are acting in consumers’ interest when it comes to accessing data.

The proposal is likely to draw enormous interest from both banks, which have at times been leery of app providers grabbing data, and the fintech firms themselves that rely on consumers’ ability to access their account information.

The proposal will focus, in part, on whether some emerging market practices among fintechs and data aggregators “may not reflect the access rights” described in the Dodd-Frank Act, the CFPB said. The proposal also could examine whether “regulatory uncertainty” may be affecting the market “to the potential

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Become the ultimate project manager and data analyst with this $40 online training

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Become the ultimate project manager and data analyst with this $40 online training
Become the ultimate project manager and data analyst with this $40 online training

TL;DR: Improve your skills with The Ultimate Data and Project Management Certification Bundle for $39.99, a 98% savings as of July 25.

While everyone else is sitting around complaining about the current state of affairs on Twitter or making up silly dances on TikTok, you could be using this time to get ahead. In your career, we mean.

Staying home means you have a lot of free time on your hands, and you have the choice of how you want to spend that time. If you’re looking to make some moves in the workplace, we’ve got just the right mix of content for you in the Ultimate Data and Project Management Certification Bundle.

As the name suggests, this 10-course bundle features 49 hours of guided content on making project delivery and data analysis more efficient. It covers

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Big data may help BOJ guide economy through pandemic pain

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By Leika Kihara

TOKYO (Reuters) – Big data is providing some surprising results for the Bank of Japan and helping ease concerns about pressure on the economy during the coronavirus pandemic, which could influence the way the BOJ manages the world’s most radical monetary stimulus.

By tapping data provided by Google showing people’s movement via mobile phones, the BOJ found that households’ discretionary spending rebounded faster and more vividly in Japan than in other countries after lockdown steps were lifted in May.

Other big data also showed a marked rebound in durable goods sales such as personal computers, which offset some of the weakness in spending on services including leisure, eating-out and travel.

The revelation helped convince BOJ policymakers to conclude the economy has past the worst and did not need immediate, additional monetary support.

“We expect the economy to recover gradually and steadily,” BOJ Governor Haruhiko Kuroda said after

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First Insight’s Data Puts Coronavirus Impact on Consumer Behavior Into Five Key Phases

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Click here to read the full article.

Since the very first days of the coronavirus pandemic, consumer behavior has been in a constant state of change.

Five consumer studies by First Insight, taken between February and April, found that perception that COVID-19 would impact the global economy remained consistently strong as consumers adjusted to new world orders. Worry and fear became driving forces and reached a peak in April correlating with reports of high levels of positive virus cases.

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First Insight’s first report, on Feb. 28, identified Millennials as the most worried. “Millennials were first to change behavior, curtailing spending and going out in public less often, stocking up on goods and being more likely to work from home,” authors said of the report. Data from the survey found 36 percent of Millennial respondents had changed how much they were spending on products as a result of

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We Need to Change How We Share Our Personal Data Online in the Age of COVID-19

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A few months into the coronavirus pandemic, the web is more central to humanity’s functioning than I could have imagined 30 years ago. It’s now a lifeline for billions of people and businesses worldwide. But I’m more frustrated now with the current state of the web than ever before. We could be doing so much better.

COVID-19 underscores how urgently we need a new approach to organizing and sharing personal data. You only have to look at the limited scope and the widespread adoption challenges of the pandemic apps offered by various tech companies and governments.

Think of all the data about your life accumulated in the various applications you use – social gatherings, frequent contacts, recent travel, health, fitness, photos, and so on. Why is it that none of that information can be combined and used to help you, especially during a crisis?

It’s because you aren’t in control

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