Was the Block Cash App Data Exposure an Inside Job?
Table of Contents
- By Steven
- Aug 24, 2022
The Block Cash App hack made waves partially because the company is led by Jack Dorsey, a supposed computer whiz with his finger on the pulse of cybersecurity dynamics. The fact that hackers victimized a company this sign indicates that digital criminals are perfecting their techniques and developing new strategies. Let's examine the details of the Block Cash App data leak.
How was Block Breached?
The Cash App breach isn't as complex as most assume. It appears as though a former employee provided a hacker or hacking collective with the information necessary to access internal records. Block formally filed with the Securities and Exchange Commission in the spring of 2021, disclosing the Cash App breach.
The investigation into the attack reveals the employee in question provided the data in the winter. The purpose of admitting to the digital security breach in the form of an official filing was to meet publicly traded companies' requirements and proactively prevent a massive public backlash if the company attempted to sweep the breach under the rug.
What Information was Revealed in the Leak?
Block's statement about the Cash App hack indicates hackers revealed highly sensitive information. Customer names, account numbers, trades, aggregate holdings' value, and additional details were made available to hackers. Cash App customers who access the app on their phones will inevitably pay the price. The business will also likely suffer a revenue decline, yet the company's app is too ubiquitous to fall out of favor with the masses.
What is the Magnitude of the Leak?
Cash App has not specified exactly how many customers were affected. However, it looks like the leak affected upwards of nine million people.
Why did the Leak Occur?
Block can be faulted for failing to vet its new hires properly. The company may implement biometric scanning along with other security measures to safeguard sensitive information about customers and internal information. However, in the meantime, the best course of action for businesses and everyday people is to enhance their digital protections with the industry’s latest tech safeguards. It must be noted that Cash App's threat detection measures are elite, yet there is only so much a business can do to prevent internal data theft.
The digital forensics investigation that occurred after the attack made it clear that the internal threat actor downloaded reports containing the information of Block’s Cash App customers living in the United States. The downloads didn't raise any red flags. The employee had access to the reports as a part of his or her everyday duties. If it has been six months or longer since you or your business have updated your digital safeguards, take the time to update them now.
How did Block Respond to the Leak?
A formal investigation was conducted into the data breach with the assistance of law enforcement. The company also released a statement indicating it will continue to analyze technical and administrative safeguards to ensure customers can provide the crypto company with sensitive personal information.