PayPal will pay a $2 million civil fine over cybersecurity failures that led to the exposure of customers' Social Security numbers, as announced by New York state's financial services superintendent Adrienne Harris on January 23, 2025.
The fine addresses deficiencies in PayPal's cybersecurity protocols that resulted in a breach of sensitive customer information. This regulatory action underscores the importance of robust data security measures for financial technology companies.
This incident carries financial penalties and could impact customer confidence in PayPal's ability to protect personal data. The company is required to address the identified cybersecurity shortcomings.
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