471–480 of 874 posts
Earlier quoted context omitted.
110M people impacted = class action The lawyers work on contingency
Class action suits regularly end up getting you "$5" worth of credit monitoring from the exact company who lost your data. It's a joke. Class action suits as they exist today in the US are an abject failure of justice.
AT&T has 110 million customers. Let's be optimistic and assume that each customer only has to spend one minute of extra time managing their account due to the break-in. That is more than 209 years of lost time. Laws related to data breaches need to have much sharper teeth. Companies are going to do the bare minimum when it comes to securing data as long as breaches have almost no real consequences. Maybe pierce the c…
Personal data cannot be secured. The only way is to not store it. That will (imaginationaly) cost companies in lost revenue for being unable to mine and sell it. Only government can make laws against a company taking your personal information and selling it. Even passwords shouldn't be stored by a company. The years of lost time argument is disingenuous. Over that number of people, 209 years of lost time from 700 mil…
Over in Europe this blanket saving of phone records beyond what it is necessary to operate would have been illegal in many countries, and is in general incompatible with the European Convention for the Protection of Human Rights and Fundamental Freedoms outside of active threats to national security and temporary measures overseen by a court.[1] There's really no reason why any service providers should save this stuf…
What the NSA wants, the NSA gets. No legislation is needed when the system is working as intended.
The NSA’s power is in being boring and unnoticed. This could be a revenue rider.
AT&T has 110 million customers. Let's be optimistic and assume that each customer only has to spend one minute of extra time managing their account due to the break-in. That is more than 209 years of lost time. Laws related to data breaches need to have much sharper teeth. Companies are going to do the bare minimum when it comes to securing data as long as breaches have almost no real consequences. Maybe pierce the c…
> Laws related to data breaches need to have much sharper teeth. Companies are going to do the bare minimum when it comes to securing data as long as breaches have almost no real consequences. Maybe pierce the corporate veil and criminally prosecute those whose negligence made this possible. Maybe have fines that are so massive that company leadership and stockholders face real consequences. I really dislike this att…
AT&T stock has already bounced back from much of the initial -2.6% drop this morning, so the market thinks AT&T is immune. Meanwhile Snowflake is -3.9% down (they have many other customers than AT&T). https://www.marketwatch.com/investing/stock/T https://www.marketwatch.com/investing/stock/SNOW
I never got the impression that the market ever cares about data breaches. It seems most companies are rarely held financially responsible for data breaches anyway. I would bet any effects you’re seeing in stocks is unrelated to this news.
We need regulations with massive fines, class action lawsuits (a ban on arbitration clauses), and maybe automatic minimum level compensation to those customers.
Earlier quoted context omitted.
I agree. This is precisely why breaches keep happening and will keep happening. It cost money to implement security. There's no cost benefit to spending that time and money since there are no consequences. Businesses do not spend money unless it will make them money or save them money. There needs to be a hefty federal fine on a per-affected-user basis for data breaches. Also a federal fine for each day a breach is u…
Or a lawsuit go through where someone can win quite a bit from from data leaks. If each person affected sued and won 100k or so, or even 1k, AT&T would definitely be spending money on security. But it appears $5 or credit monitoring from an agency that also gets hacked is sufficient for class action lawsuits.
AT&T has 110 million customers. Let's be optimistic and assume that each customer only has to spend one minute of extra time managing their account due to the break-in. That is more than 209 years of lost time. Laws related to data breaches need to have much sharper teeth. Companies are going to do the bare minimum when it comes to securing data as long as breaches have almost no real consequences. Maybe pierce the c…
> Laws related to data breaches need to have much sharper teeth. Companies are going to do the bare minimum when it comes to securing data as long as breaches have almost no real consequences. Maybe pierce the corporate veil and criminally prosecute those whose negligence made this possible. Maybe have fines that are so massive that company leadership and stockholders face real consequences. I really dislike this att…
Earlier quoted context omitted.
What the NSA wants, the NSA gets. No legislation is needed when the system is working as intended.
According to the article, the data was being made available to other businesses... From the detail level involved, I imagine the NSA has some sweeter deal with telcos... And they have much richer data.
Earlier quoted context omitted.
> Laws related to data breaches need to have much sharper teeth. Companies are going to do the bare minimum when it comes to securing data as long as breaches have almost no real consequences. Maybe pierce the corporate veil and criminally prosecute those whose negligence made this possible. Maybe have fines that are so massive that company leadership and stockholders face real consequences. I really dislike this att…
In this analysis, the effort the bank puts towards defending themselves is relevant. We wouldn't blame the bank for an army attacking them, but if they left the door unlocked and the neighbours kids made off with your money you very rightly would feel differently.