Coinbase recently revealed that a cybersecurity incident could potentially cost the company up to $400 million. This significant estimate is a result of ongoing investigations into the details of the cyberattack, which exploited sensitive customer data for financial gain.
Key Points
- Coinbase’s cybersecurity incident could lead to costs between $180 million to $400 million.
- The company plans to reimburse users affected by the attack.
- The breach involved data stolen through social engineering tactics targeting a small group of employees.
- Attackers attempted to extort Coinbase for $20 million, which the company refused.
- Coinbase is establishing a reward fund of $20 million to gather information on the attackers.
- The rise in social engineering scams is noted, with a recorded increase of 56% over the last year.
Why should I read this?
If you’re keeping an eye on the ever-changing landscape of cybersecurity, this article is a must-read! It outlines a massive potential financial impact on one of the leading cryptocurrency platforms, revealing the real threats facing tech companies today. Plus, you’ll get insights into how they’re combating these cyber threats. We’ve done the digging for you, so read on and stay informed!