The Cash App data breach was caused by a former employee who accessed customer financial reports as an act of revenge against the company after their employment was terminated.
According to the April 2, 2022 filing with the Securities Exchange Commission by Block (CashApp’s parent company), the employee required access to the financial reports as part of their daily duties. After termination, on December 10, 2022, the employee downloaded these reports without permission, stealing the following customer details.
- Full names.
- Brokerage Account numbers (unique identification numbers associated with a customer’s stock activity on Cash App Investing).
- Brokerage portfolio values
- Brokerage portfolio holdings
- Stock trading activity for one day of trading.
Cash App notified approximately 8.2 million current and former customers likely to have been impacted by the breach. Unfortunately, the delay of this breach notification – which was sent four months after the incident – prolonged the risk of follow-up cyberattacks targeting impacted customers. The negligence of this unnecessary delay, combined with a deficiency of basic security controls that could have prevented the breach, resulted in a class action filing against Cash App Investing and its parent company, Block.
Defendant Block offered no explanation for the four-month delay between the initial discovery of the Breach and the belated notification to affected customers, which resulted in Plaintiffs and Class members suffering harm they otherwise could have avoided had a timely disclosure been made.
– Page 8 of Class action filing against plaintiff BLOCK, INC., and CASH APP INVESTING, LLC,
Cash App has had a tumultuous security history, primarily in the area of customer account compromise.
Almost all online reviews for Cash App include complaints about account hacking and financial fraud, with some customers posting tweets about their account compromise experiences.
Link for File claim here:
https://www.cashappsecuritysettlement…
Source for content:
https://www.upguard.com/blog/how-did-the-cash-app-data-breach-happen
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