Justin Jouvenal reports: The cybersecurity expert and hacker claimed he created a sophisticated attack that allowed him to add unlimited funds to gift cards from major retailers — a security hole that could have resulted in huge losses for Starbucks, Kmart and Whole Foods Market. But the story the Springfield man told federal agents and The Washington…
Category: Business Sector
Nine Defendants Plead Guilty in $20 Million Stolen Identity Refund Fraud Ring
There’s a follow-up to a case previously reported on PHIprivacy.net and on this site. From the U.S. Department of Justice: Alabama and Georgia residents pleaded guilty for their roles in a $20 million stolen identity refund fraud (SIRF) conspiracy, Acting Assistant Attorney General Caroline D. Ciraolo of the Justice Department’s Tax Division and U.S. Attorney George…
Fourth Member of International Computer Hacking Ring Pleads Guilty to Hacking and Intellectual Property Theft Conspiracy
A fourth member of an international computer hacking ring has pleaded guilty to conspiring to break into computer networks of prominent technology companies to steal more than $100 million in intellectual property and other proprietary data. Austin Alcala, 19, of McCordsville, Indiana, pleaded guilty to conspiracy to commit computer intrusions and criminal copyright infringement based…
FTC and Wyndham Present Arguments on Whether FTC has Declared Unreasonable Cybersecurity Practices Unfair
Katherine Gasztonyi writes: On Friday, March 27, 2015, the Federal Trade Commission and Wyndham Worldwide Corp. filed supplemental briefing in the Third Circuit regarding whether the FTC had made an adjudicative decision that the FTC Act prohibits unreasonable cybersecurity practices and, if not, whether a federal court could hear a case charging a violation of the FTC Act…
Why Data Breaches Don’t Hurt Stock Prices
Elena Kvochko and Rajiv Pant review the impact of some of the major breaches, noting what we’ve all noted – that breaches generally don’t have a huge economic impact on stock prices. Here’s a snippet from their article: This mismatch between the stock price and the medium and long-term impact on companies’ profitability should be…
More details on the French Lick Resort payment card breach
In January, French Lick Resort in Indiana disclosed a malware-related breach affecting payment card data. On January 31, attorneys for Blue Sky Casino, LLC, the parent company, formally notified the Maryland Attorney General’s of the incident. The notification provides additional details on the incident, including the fact that the firm sent out 87,975 notification letters…