Thursday☕️

Feb 15, 2024 • 4 min read

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Bank Of America Data Breach:

Bank of America has issued a warning to its customers about a data breach involving their personal details due to a cyberattack on Infosys McCamish Systems (IMS), a vendor it uses. The breach, which occurred last year, led to the exposure of sensitive customer information such as names, addresses, Social Security numbers, birth dates, and financial details like account and credit card numbers.
This information was disclosed to the Texas Attorney General. Bank of America, which caters to roughly 69 million customers through its vast network of financial centers and ATMs across the U.S. and in over 35 countries, declined to comment further on the incident, directing inquiries to Infosys McCamish. The breach's impact was specified in a notification sent to the Maine Attorney General, revealing that 57,028 individuals were affected. This security incident, identified around November 3, 2023, involved unauthorized access to IMS's systems, disrupting some of its applications.
By November 24, 2023, IMS informed Bank of America that data related to deferred compensation plans it manages might have been compromised, although Bank of America's own systems were not breached. Furthermore, the LockBit ransomware group has claimed responsibility for this attack, stating they encrypted over 2,000 systems. LockBit, a notorious ransomware-as-a-service operation since September 2019, has previously targeted several prominent organizations globally.

Robinhood Earnings:

Robinhood posted positive fourth-quarter earnings, with earnings per share (EPS) of $0.03. The company's fourth-quarter revenue also exceeded forecasts, totaling $471 million compared to the anticipated $456.33 million, leading to a 15% increase in share price following the announcement. The financial results for the quarter represented a remarkable recovery for Robinhood, with the company achieving a net income of $30 million, a significant shift from the $166 million net loss reported in the same period the previous year.
This turnaround was driven by a 24% increase in total net revenues year-over-year, fueled by gains in both net interest income and transaction-based revenues. Specifically, net interest revenue jumped by 41% to $236 million, and transaction-based revenue grew by 8%. Additionally, revenue from Robinhood's Gold subscriptions saw a 30% increase to $35 million. The company's CFO, Jason Warnick, pointed out Robinhood's substantial growth in profitability and a record in annual revenues, which rose by 37% year-over-year to $1.9 billion.

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