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Morgan says most employees work in a hyper-accelerated data environment, where any delay in providing or sharing information can halt progress. However, Trevor Morgan, product manager with data security specialists comforte AG says training doesn’t address the root problem that helps facilitate social engineering attacks such as this. This can be challenging for financial services companies with employees working remotely from home and customer data and systems becoming more distributed across on-premises, cloud and SaaS infrastructures,” says Ken Westin, Director, Security Strategy, Cybereason.Īlicia Townsend, technology evangelist with identity management experts OneLogin agrees, adding that “this incident highlights two important points: educating employees about possible cybersecurity threats especially social engineering threats and limiting access to customer information to the bare minimum for employees based upon their job role.” Thwarting social engineering attacks “To reduce risks, companies should have multiple layers of controls in place with restrictions on who can access mission critical data.
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Weakest linkĬybersecurity experts TechRadar Pro spoke to says the incident is a reminder that humans are oftentimes the weakest link in the ecosystem. Robinhood also shared that it was approached by the attackers who sought an “extortion payment.” However, the platform says it instead notified law enforcement, though it didn’t explicitly mention that it did not engage with the perpetrators. Robinhood claims that it was able to contain the incident, and is continuing to investigate the incident with the help of cybersecurity firm Mandiant.