Capital One data breach

Morningstar analysts expect no change to fair value estimate, see it as an opportunity to buy shares at a discount

Colin Plunkett, CFA 30 July, 2019 | 10:30AM
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Capital One Financial (COF) disclosed that it was hit by a data breach affecting 100 million customers, which the company estimates will result in US$100 million-US$150 million in charges. The hack was committed by a former Amazon Web Services (AWS) employee who was able to access data taken from credit card applications. It appears the perpetrator was able to obtain security credentials of an existing account. In our research, we have praised Capital One’s migration to AWS, which we have said is significantly more secure than on-premises facilities. We still believe this to be true, but AWS isn’t invulnerable to every security breach, as this case clearly demonstrates. Fur

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Securities Mentioned in Article

Security NamePriceChange (%)Morningstar Rating
Capital One Financial Corp164.85 USD-2.27Rating

About Author

Colin Plunkett, CFA  Equity Analyst, Morningstar

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