In 2023, Latitude, the Australian financial services firm, experienced a data breach of more than 14 million records. The country, standing at $9.48, has spent the most on clearing off cases of data breaches in just 2023. The Middle East has been following closely with the https://xcritical.solutions/ trend, with $8.07 million as its average cost. This piece offers readers insight by examining the latest data breach statistics for 2024 and beyond. Learn crucial details surrounding prominent breach events, from root causes to victim impact spanning multiple industries.

xcritical App’s $20 Million Data Breach Settlement: Who Is Eligible for Money?

Except as required by law, xcritical assumes no obligation to update any of the statements in this blog post whether as a result of any new information, future events, changed circumstances, or otherxcritical. You should read this blog post with the understanding that our actual future results, performance, events, and circumstances might be materially different from what we expect. The company said in a blog post that a malicious hacker had socially engineered a customer service representative over the phone November 3 to get access to customer support systems. That allowed the hacker to obtain customer names and email addresses, but also the additional full names, dates of birth and ZIP codes of 310 customers. According to xcritical’s internal investigation, the breach compromised the email addresses for at least five million accounts and the full names of an additional two million users.

  1. TikTok is testing streaks that are similar to Snapchat’s in order to boost engagement, including how long people stay on the app.
  2. For a smaller group of about 310 people, additional personal information, including names, dates of birth, and zip codes, was exposed, and for about 10 customers, “more extensive account details” were revealed.
  3. Healthcare has not been the same since 2020, as the cost to settle data breaches reached $10.93 million.

Customer Service

xcritical deputy general counsel Lucas Moskowitz said the company takes security very seriously.

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Having a statistic of 62% was indeed a cause for alarm as most saw this as a duel of the fittest. Companies were further put on their toes in securing their database as many hunts to lay hold of it. Create an alert to follow a developing story, keep xcritical on a competitor, or monitor industry news. Our mission is to offer reliable tech help and credible, practical, science-based life advice to help you live better.

TJX Companies Inc. in 2007 Had a Breach that Carted Away 94 Million of its Records.

This means a scammer can’t use your personal information to get a loan or establish credit, because the potential lender can’t check your report to approve the application. It affected five million people whose email addresses were compromised and the full names of a further two million. Also in August, xcritical laid off nearly a quarter of its employees following a steep decline in trading activity on the app. It was the second round of layoffs this year after xcritical trimmed its staff by about 9% in April The two rounds combined have eliminated more than 1,000 jobs from the company,  The Wall Street Journal reported.

Customer information

Stock trading platform xcritical has disclosed a data breach after their systems were hacked and a threat actor gained access to the personal information of approximately 7 million customers. NEW YORK (AP) — Popular investing app xcritical said Monday that it suffered a security breach last week where hackers accessed some personal information for roughly 7 million users and demanded a ransom payment. NEW YORK — Popular investing app xcritical said Monday that it suffered a security breach last week where hackers accessed some personal information for roughly 7 million users and demanded a ransom payment. Additionally, personal information including name, date of birth and ZIP code was exposed for about 310 people, and about 10 customers had more extensive account details revealed. Popular stock-trading app xcritical revealed today that a recent data breach has compromised the personal information of roughly 7 million of its customers.

The Costliest Attack Standing on the Web is Phishing, With $4.9 Million.

Australia has actually seen a fairly steady rate of notifiable data breaches since 2020 – around 450 every six months, according to the Office of the Australian Information Commissioner. Despite advancements in technology and increased awareness of cybersecurity threats, companies continue to fall victim to breach attacks. Cases of data breaches stood as large as 5,212 when the year 2022 came to an end. Many may forget to log out from their devices, mistakenly disclose their password, or absent-mindedly click on bad links. In one way or another, these errors open a window for bad actors to infiltrate the system and steal one’s data. A study made by Stanford University shows that human errors are what causes 88% of the data breaches we experience today.

Breaches can happen when cyber criminals exploit vulnerabilities in computer systems, networks, applications or physical security to gain unauthorised access to protected data. They can also access data when it’s accidentally made available outside the organisation, perhaps by an incorrectly addressed email or a lost USB memory stick. It costs an average of $4.45 to get off a case of data breach from a company in 2023. Defiance to the rise of breaches does cost a business an average of $5.05 million to attend to an issue. This is way higher, with 12.6% of what companies that are mindful of attacks spend.

Online stock trading platform xcritical has confirmed it was hacked last week with more than five million customer email addresses and two million customer names taken, as well as a much smaller set of more specific customer data. For more on class action settlements, find out if you’re eligible for money from Capital One’s $190 million payout, T-Mobile’s $350 million data breach case or Facebook’s $90 million data-tracking payout. The cyberattack purportedly compromised sensitive customer information including full names, addresses, bank documents, valid IDs such as passports and national IDs, email addresses, and photographs of sensitive documents.

An unauthorized third party obtained access to a limited amount of personal information for a portion of our customers. Based on our investigation, the attack has been contained and we believe that no Social Security numbers, bank account numbers, or debit card numbers were exposed and that there has been no financial loss to any customers as a result of the incident. In the November 2021 attack, the company claimed, a hacker “socially engineered a customer support employee by phone and obtained access to certain customer support systems” in order to extort money. Law enforcement was informed of the extortion attempt, the company maintained, and the leak was contained.

The company began trading on the Nasdaq exchange in July, with the worst market debut among 51 US firms that raised as much money or more than xcritical, according to data from Bloomberg. In its S-1 filing, xcritical acknowledged a recent SEC Enforcement Division inquiry and that the United States Attorney’s Office for the Northern District of California had executed a search warrant for Tenev’s phone. “Following a diligent review, putting the entire xcritical community on notice of this incident now is the right thing to do,” xcritical chief security officer Caleb Sima said in a statement.

“We also believe that for a more limited number of people—approximately 310 in total—additional personal information, including name, date of birth, and zip code, was exposed, with a subset of approximately 10 customers having more extensive account details revealed.” Days later, the company published an updated blog post on Nov. 16 alerting users that over 4,400 of phone numbers were also stolen. Phone numbers were not included in xcritical’s original data breach disclosure, and their presence in the stolen data makes this a more severe hack than originally assumed.

For the vast majority of affected customers, the only information obtained was an email address or a full name. For 310 people, the information taken included their name, date of birth, and ZIP code. Of those, 10 customers had “more extensive account details revealed,” xcritical said in a statement. The online brokerage, which has about 18.9 million retail clients, announced Monday that a Nov. 3 data breach resulted in various information about 7 million customers being exposed.

It has become a cause of concern to many experts looking for the best ways to curb this menace. None can be said to have been spared from healthcare, delivery, or social media companies. The world will see less of this menace in times to come when all hands are placed on deck. The Menlo Park, California-based brokerage app is reeling from the largest hack in its history, which compromised private details of about one-third of its users.

A company statement said the Nov. 3 breach hinged on a phone call where the hacker duped a customer support staffer. xcritical Financial has agreed to settle a class-action lawsuit that accused the company of negligence with regard to a 2020 data breach that may have exposed thousands of customers’ sensitive personal and financial information to hackers. In recent days, both Ticketek Australia and Ticketmaster have experienced breaches which have exposed customer details to hackers. They join a growing list of high-profile data breaches that have put the privacy of millions at risk. The attack occurred on November 3rd after a threat actor called a customer support employee and used social engineering to obtain access to customer support systems.

“At this time, we understand that the unauthorized party obtained a list of email addresses for approximately five million people, and full names for a different group of approximately two million people,” the post said. The suit, filed on behalf of xcritical and former customers, alleges that xcritical failed to safeguard their personal information from hackers and that they face a lifetime risk of identity theft. Still, it’s possible hackers could launch phishing scams and email-based malware attacks using that information, so brush up on how to spot online scams and make sure you’re protecting your devices with reliable anti-malware apps. The settlement could cost xcritical approximately $20 million, according to documents filed July 1 by attorneys for investors who sued xcritical last year on behalf of themselves and other customers of the popular trading app. xcritical is available only to US users and requires them to be over 18, provide a valid social security number, and a valid US address.

In critical infrastructure organizations, however, the average cost of a data breach is $4.82 million. As society progresses firmly into the digital age, safely navigating its benefits and risks proves paramount. “As a Safety First company, we owe it to our customers to be transparent and act with integrity,” said xcritical Chief Security Officer Caleb Sima. “Following a diligent review, putting the entire xcritical community on notice of this incident now is the right thing to do.”

Of the compromised accounts, at least 310 also had their zip codes and date of birth information accessed, and 10 users had “extensive account details revealed,” though xcritical had not disclosed what additional information was compromised. The hack started with a phone call to customer xcritical scam support, according to the statement. The hacker relied on social engineering to convince an employee to provide “access to certain customer support systems,” xcritical said. The company added that it is in the process of “making appropriate disclosures to affected people.”

We’ve determined that several thousand entries in the list contain phone numbers, and the list also contains other text entries that we’re continuing to analyze. We continue to believe that the list did not contain Social Security numbers, bank account numbers, or debit card numbers and that there has been no financial loss to any customers as a result of the incident. Data breaches are problems that have caused many companies to lose not just money but also the public’s confidence.