91–100 of 874 posts
Why was this not disclosed on AT&T’s earnings call on April 24? At least someone will get compensated for the breach, although it’ll be the lawyers for the class action lawsuit that’s about to hit instead of the customers that got their information stolen.
This is the kind of breach that really should be company-ending, but will sadly instead likely result in a slap on the wrist. It is high time for the US to have a privacy law with real teeth, and to enforce it with vigour.
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.
Also as corroboration here's MarketWatch: "AT&T’s stock slides 3% after company discloses hack of calls and texts" [https://www.marketwatch.com/story/at-ts-stock-slides-2-9-aft...]
How has Snowflake felt ANY recourse for being the source of all of these hacks?
The Mandiant report said that some Snowflake customers declined to use MFA AND had passwords in place for 4+ years[1]. Maybe Snowflake should have pushed for MFA harder but at the end of the day, this is AT&T's fault. [1] https://cloud.google.com/blog/topics/threat-intelligence/unc...
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.
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 unreported.
That money should go into a pool which can be accessed by people who have their identity stolen.
And earlier this year my ssn was on the dark web due to their leak (or vendor). One year of monitoring? No, I’m going to need it for life. Security is not a concern. There is no real incentive to change the status quo. Make them pay for monitoring indefinitely .
In my country you can calculate our own national id (mix of date of birth, autoincreasing number by each birth that day + 1 checksum number), and if you do/have any kind of personal business, your personal tax number has to be written everywhere, on every receipt you hand out or anything you buy as a business.
Somehow knowing that first boy born today will have an ID number of 120702450001X (too lazy to calculate the checksum, but the algorithm is public), doesn't help anyone with anyting bad.
Ongoing fallout from the Snowflake compromise; AT&T knew on Apr 19 but only disclosed now (Why does this not fall under SOX violation with the obligation to report timely to affected parties? It has affected AT&T's stock price -3% in early trading, so shouldn't it have also required SEC disclosure?) - Records downloaded from Snowflake cloud platform - AT&T will notify 110 million AT&T customers - Compromised data inc…
It definitely included SSNs for some of them. Source: me. My data was included in the leak and it included my SSN. It’s been a cluster fuck of a cleanup.
I guess the new methodology is that a company cannot be sued if they just all leak data, that way nobody knows which one is responsible for your identity theft.
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Earlier quoted context omitted.
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.
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…
But it appears $5 or credit monitoring from an agency that also gets hacked is sufficient for class action lawsuits.