Financial services and stock trading platform CashApp on Tuesday fessed up to a data breach being blamed on a former employee who stole brokerage data, including portfolio values, from an unknown number of U.S. accounts.
CashApp, a subsidiary of Jack Dorsey’s Block (formerly Square), said the stolen data includes brokerage account numbers, full names, brokerage portfolio values, and brokerage portfolio holdings for one trading day.
“Our security team recently determined that a former employee downloaded certain Cash App Investing reports that contained some customer information. While this employee had regular access to these reports as part of their past job responsibilities, in this instance these reports were accessed without permission after their employment ended,” the company said.
CashApp did not say why an ex-employee maintained access to sensitive financial data after leaving the company. The company was also mum on the number of customers affected but noted in an SEC filing that it was contacting about 8.2 million current and former customers to warn about the breach.
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The company said the data was downloaded almost four months ago — on December 10, 2021 — but there’s not much clarity on when CashApp discovered the breach.
CashApp said the reports downloaded by the former employee did not include usernames or passwords, Social Security numbers, date of birth, payment card information, addresses, bank account information, or any other personally identifiable information.
“They also did not include any security code, access code, or password used to access your Cash App account,” the San Francisco, Calif.-based company said.
“Upon discovery, we took steps to remediate this issue and launched an investigation. We have notified law enforcement. In addition, we continue to review and strengthen administrative and technical safeguards to protect your information.”
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Ryan Naraine is Editor-at-Large at SecurityWeek and host of the popular Security Conversations podcast series. He is a security community engagement expert who has built programs at major global brands, including Intel Corp., Bishop Fox and GReAT. Ryan is a founding-director of the Security Tinkerers non-profit, an advisor to early-stage entrepreneurs, and a regular speaker at security conferences around the world.
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