NEW YORK (S&P Global Ratings) July 30, 2019--S&P Global Ratings said today that a significant cybersecurity-related data breach at Capital One Financial Corp. increases its reputational risk, although the company's estimate of direct costs appears manageable. The incident therefore has no immediate impact on our ratings on Capital One (BBB/Stable/--). We believe this event underscores the importance of cybersecurity to banking institutions, which collect vast amounts of data from consumers to facilitate underwriting processes. In addition to elevating reputational risk at Capital One, this incident increases the risk of regulatory intervention or legal sanction, in our view. We will also be closely tracking trends in lending and deposits flows. On July 29, Capital One announced that an outside individual accessed
