Inyova’s short monthly newsletter about security recommendations, news, and interesting facts.
This is an internal newsletter sent to the Inyova team each month. We hope you enjoy it as much as we do!
Today’s topic: Heartbreaking Robinhood story
What happened?
In November 2021, Robinhood, an online financial services company, reported a data breach affecting 5 million customers’ email addresses, another 2 million customers’ full names, and a detailed data breach of a small customer group.
They have been breached by a social engineering attack.
What the hack is a social engineering attack?
A social engineering attack is an attack where the attacker claims they are someone else, in order to get any information that could be used for their advantage.
In the Robinhood case, the attacker lied to a customer service representative and managed to get access to Robinhood’s internal tool. There the attacker could not only see emails and names but also balances, buying power, IP addresses, support communications, phone numbers, 2FA activation, and more.
Why should I care?
The Robinhood incident was a human error that often happens when employees lack deeper security knowledge about possible dangers and traps out there. It’s very hard to fix such a problem, as you need to tutor people on how to not become a victim.
At Inyova, we need to constantly be aware of these threats and share any social engineering attacks we encounter with the rest of the team.
What should I do?
Firstly, do not share any access if you are not entitled to do so. Do not share access with employees you do not know or those who should already have access. You can protect yourself by delegating this responsibility to your team’s lead.
Secondly, restrict yourself from sharing direct links to internal tools, and watch out not to share internal tools on any video screen sharing or any screenshots.
If you are under a social engineering attack, share this information with the whole team.
That’s it! Keep your mechanics safe and thanks for reading.
Source: https://blog.robinhood.com/news/2021/11/8/data-security-incident
Advertising notice: The information and evaluations presented here are an advertising announcement which has not been prepared in accordance with legal provisions promoting the independence of financial analyses and is not subject to any prohibition of trading following the dissemination of financial analyses. The acquisition of this investment involves considerable risks and may lead to the complete loss of the invested assets. Inyova receives an all-inclusive fee of 0.9 - 1.2 & p.a. for its services, depending on the amount of assets under management. The exact calculation can be found at www.inyova.de/en/fees.
Risk notice: All information is only intended to support your independent investment decision and does not represent a recommendation by Inyova. The product information and calculation examples presented do not claim to be complete or correct. Only the specifications in the asset management contract incl. the further legal documents, which are made available to customers of Inyova via the complete customer documentation, are authoritative. Please read the asset management contract and the other client documents carefully before making an investment decision. The following applies to all shares and ETFs: Past performance is no guarantee of future performance. Information on past performance does not permit forecasts for the future. Investments in securities include the risk of a loss in value. Other securities services may achieve different results. The results for individually managed portfolios as well as the different time full stops may differ due to market conditions, different entry times, different portfolio sizes, individual restrictions and the respective composition of the portfolio.
Disclaimer: Past performance of financial markets and instruments is never an indicator of future performance. The statements or information contained in this document do not constitute a recommendation, offer, or solicitation to buy or sell any security or financial instrument. Inyova GmbH assumes no liability whatsoever with regard to the reliability and completeness of the information contained in this article. Liability claims regarding damage caused by the use of any information provided, including any kind of information which is incomplete or incorrect, will therefore be rejected. Furthermore, the statements contained in this document reflect an assessment at the time of publication and are subject to change. References and links to third party websites are outside the responsibility of Inyova GmbH. Any responsibility for such websites is declined.
EU Sustainable Finance Regulation: the terms and categories from this post do not correspond to the terms and categories of the EU Sustainable Finance Regulation. You can find the disclosures and explanations required under the EU Sustainable Finance Regulation at https://inyovagmbhpro.wpenginepowered.com/en/sustainable-finance-disclosure-regulation..
