It’s been an expensive year at the nation’s biggest bank. David Shannon on Marshall Dennehey’s Data Breach Legal Watch blog reports a breach of the Personally Identifiable Information (PII) of over 465,000 holders of JP Morgan’s pre-paid cash cards.
“The cost for this breach will likely be significant,” says Shannon. “As JP Morgan will need to comply with numerous state data breach regulations, SEC inquiries and other federal and state statutes.” The breach occurred between July and September of this year, affecting the online portal system. Shannon says that since reports indicate there were an unknown number of hackers, it is likely due to significant security lapses on the part of the bank if more than one hacker accessed the system.
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