Capital One fined $80m for data breach

Business

A data breach will cost Capital One $80 million dollars.

(CNN) — Capital One is facing an $80-million fine after a data breach.

The Office of the Comptroller of the Currency says the bank failed to create strong risk assessment processes.

They say Capital One also failed to fix deficiencies in a timely fashion.

The US Treasury will be paid the penalty.

The bank is also required to give quarterly updates to federal officials regarding the actions it takes following the order.

A spokesman for the bank says it will work with regulators to make sure it meets “The highest standards of protection for its customers.”

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