It's been about two months since one of the biggest data breaches in history was announced: A hacker gained access to more than 100 million Capital One customers' accounts and credit card applications.
The announcement made global headlines and left consumers and businesses reeling, but it did not come as a surprise to us. With the recent increase in attack volumes within the Arkose Labs network, we knew something of this magnitude had occurred. It was clear that fraudsters had gotten access to new, powerful information to weaponize.
When analyzing attack patterns, the impact of any breach is instantly visible, sometimes months and years before the breach is discovered and reported. The size and severity of the Capital One breach, the type of data that was compromised, and the customers that have been affected (subprime borrowers and small and midsize businesses [SMBs]) are having a significant impact on the increasingly complicated — and connected — cybercrime ecosystem.
A colleague of mine worked at Capital One for years and remarked how it was there that she learned the value of data and analytics, how it affects profitability and growth, and how it can help predict customer lifetime value and engagement. She and her colleagues would hold heated, data-driven debates on the best ways to engage with the subprime population and successfully use data to build out the digital acquisition channel to target small-business owners.
She made it clear that Capital One understood — and championed — the value of customer data.
And now the same data — data used by Capital On ..
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