Block Inc. reported a breach of customer data on Cash App, its payments service application. The incident took place on December 10, 2021. But, Block reported the data theft to the U.S. Securities and Exchange Commission (SEC) on April 4. The company revealed that its former employee disobeyed its rules and stole customers’ data. It’s a case of cybersecurity insider threat. Yet again.
Details of the breach
Block’s report showed the different data types that its staff could access and those they couldn’t. The file contained some information about their U.S. customers, such as full names, portfolio holdings, and brokerage account numbers. Other information includes portfolio value and the user’s trading activities on stock for single-day trading.
However, the thief didn’t touch files containing the customer’s login credentials, date of birth, addresses, and social security numbers. Also, customers’ bank account information, transaction payment information, or other customers’ details are safe.
Additionally, Block explained the data breach doesn’t involve access to data used for accounts on Cash App. Hence, there’s no compromise to information on passwords, security, and access codes. Moreover, the reports don’t affect the company’s customers, who are non-U.S. residents.
In its statement, Block mentioned that part of the worker’s job enables easy access to these customers’ reports. But, in this case, the employee took the report without the company’s permission. Moreover, the action occurred after the end of their employment relationship with the firm.
Block’s controlling measures
Block said that it is currently reaching out to its former and present customers, almost 8.2 million. The company is giving out information on the theft to them. In addition, it provides informational resources to the customers to answer their questions. Also, the firm has involved law enforcement and regulatory authorities and is cooperating with them.
According to Danika Owsley, the spokesperson of Cash App, the company values its customers’ trust. So, it’s committing more to secure the information of its customers.
The Cash App spokesperson explained as soon as they discovered the breach, they took action to reduce the damage. It involved a reputable forensics company in leading the data breach investigation. Owsley revealed that they understood how the theft happened and informed the proper authorities. Also, the company is making comprehensive moves to protect all information.
No one is certain how this recent data breach could affect Block Inc. since it’s yet to conclude its investigations. But there will not be issues in its operations, businesses, and financial output.
Online buyers should be more Privacy Savvy
As millions of people increasingly use the internet today, there’s an equal rise in the number of cyber theft. More security issues and compromises are also on a high surge. Hence, there’s every need for everyone to be more private.
Both individuals and businesses should focus on security. They should protect everything about communications, investments, and even online activities. Remember that cybercriminals depend on every piece of information you share over time. So, try to be more private online and share lesser details about yourself.