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9 Nov 2021

Millions of Customers Data Exposed After Robinhood Hack

Millions of Customers Data Exposed After Robinhood Hack

The Index Today

On Monday, Robinhood Markets Inc informed that its systems had been breached after an intruder gained access to personal information of millions of its users. The incident occurred on Wednesday and has now been contained successfully.

It has been estimated that around 5 million Robinhood users has their information accessed, with email addresses exposed along with full names. The intruder also managed to further hack into personal information of 300 users within the database. However, despite the major security breach, no sensitive information such as credit card numbers of social security numbers were exposed. So far, no user has reported any form of financial loss.

The incident is being investigated by Robinhood and Mandiant, a cycbersecurity company in the U.S. Executives at Mandiant have stated that the breach of security was not a single incident and that security risks are still prevalent. The intruders is likely to target other organizations with the same intent. According to reports, around 241,000 people became victim to phishing and related scams. Losses occurring from such scams have amounted over $54 million, slightly lower than the reported figure for 2019. Robinhood announced that there increased risks of cycbersecurity breaches due to less secure systems used by third-party parties.

According to reports, the intruder managed to gain access to the customer service system of Robinhood which is accessed by multiple customer-support agents. The company aims to invest $11.7 million in the customer support sector and hire additional 400 employees. Even though the information breached was not sensitive, Robinhood aims to strengthen its systems to avoid any future cycbersecurity hack.