Data breach of 8 million + Cash App users
Data of more than 8 million Cash App users were potentially breached after a former employee downloaded customer information.
A former employee downloaded customer information, potentially exposing the data of over 8 million Cash App users. Cash App has not specified how the former employer had access to the data, although it is probable that he had access to it long after leaving the company.
Block is the owner of Cash App Investing, which is an equities trading platform. According to Block’s admission, the former employee had access to the information during his office hours and downloaded it for consumers using Cash App’s stock investment function.
In a regulatory filing to the United States Securities and Exchange Commission (SEC), Block said it discovered the intrusion in December 2021.
“We know how these reports were accessed, and we have notified law enforcement.” Block’s spokeswoman Fiona Lee said.
Although the investigation is still ongoing, Block has warned that the eventual cost of the data breach is difficult to anticipate. They have also stated that they will continue to assess and tighten administrative and technical protections to protect information.
The data breach at Cash App Investing will not affect business operations.
According to Block, the data breach did not reveal sensitive client information, including usernames, passwords, bank account information, or social security numbers.
