Was the Block Cash App Data Exposure an Inside Job?

  • 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. 

About the Author
IDStrong Logo

Related Articles

Instagram Vulnerability Allowed Hackers Access to Control Your Phone

Security experts Check Point Research discovered a critical vulnerability while examining Instagra ... Read More

Alien Malware Infects More than 226 Mobile Apps and Steals Bank Data

As reported on September 24, 2020, by ZDNet and ThreatPost, a new strain of malware named “A ... Read More

Universal Health Systems Hit by Ransomware Attack

Universal Health Systems (UHS), a Fortune 500 company owning more than 400 hospitals across the co ... Read More

Exchange Server Bug Exposes a Big Risk to Hackers

Months after Microsoft released a patch to fix a serious flaw in MS Exchange Server, more than 61% ... Read More

Clients’ Bank Data Exposed in Blackbaud Ransomware Attack

Blackbaud software was victim to a ransomware attack last May, and new information suggests that c ... Read More

Latest Articles

BMO Bank Loses Customer Data in Recent Data Breach Attack

BMO Bank Loses Customer Data in Recent Data Breach Attack

BMO Bank is the 8th largest bank in the United States, employing over 12,000 individuals. The bank manages more than $3 Billion in annual reserves and works with a huge number of customers as it has over 1,000 physical locations across the country.

Lakeland Community College in Ohio Suffered a Major Data Breach

Lakeland Community College in Ohio Suffered a Major Data Breach

Lakeland Community College is a public school located in Lake County, Ohio. The school serves approximately 8,700 students at one time and provides over 135 different associate degrees and technical certificates.

Delta Dental of California is Another Victim in the String of MOVEit Data Breaches

Delta Dental of California is Another Victim in the String of MOVEit Data Breaches

Delta Dental of California is a major dental insurance provider throughout one of the largest states in the US. The company is well-known for offering PPO dental insurance policies and other varieties of dental insurance options.

Featured Articles

How to Buy a House with Bad Credit

How to Buy a House with Bad Credit

Buying your own home is the American Dream, but it might seem out of reach to those with bad credit. However, the good news is, if your credit is less than perfect, you do still have options and in most cases, can still buy a home.

How Secure Is Your Password? Tips to Improve Your Password Security

How Secure Is Your Password? Tips to Improve Your Password Security

Any good IT article on computers and network security will address the importance of strong, secure passwords. However, the challenge of good passwords is that most people have a hard time remembering them, so they use simple or obvious ones that pose a security risk.

Top 10 Senior Scams and How to Prevent Them

Top 10 Senior Scams and How to Prevent Them

Senior scams are becoming a major epidemic for two reasons. First, seniors often have a lot of money in the bank from a life of working hard and saving.

Free Identity Threat Scan
Instantly Check if Your Personal Information is Exposed
All fields below are required
Please enter first name
Please enter last name
Please enter a city
Please select a state
Please enter an email address