Story image

Expert says Cash Converters cybersecurity breach ‘yet ANOTHER wakeup call’

21 Nov 2017

Late last week it was announced that Cash Converters had been breached with hackers potentially having access to the account details of thousands of UK customers.

Cash Converters operates high street stores that allows customers to trade in items like electronics and jewellery in exchange for money.

The affected website that enabled people to purchase these products online was taken offline in September this year after it was replaced by an updated version.

In addition to the cash trade-ins, Cash Converters also offers small loans to customers.

The hackers that attacked the now inactive website are believed to now have access to usernames, passwords, delivery addresses and partial credit card numbers of its UK-based customers.

As is the case with a lot of modern cyberattacks, the group is now holding the information to ransom – with the threat to release the data if they’re not paid – while the firm works with law enforcement authorities to investigate the incident.

CTO of Data Protection at Gemalto, Jason Hart says this an attack that could have been easily prevented.

“This is yet another case of a company not protecting the sensitive customer data it holds," Hart says.

“While no credit card information was taken, hackers were able to access usernames, passwords and addresses, which can be used to launch social engineering attacks.”

Hart says that hopefully this should serve ‘as yet another wakeup call’ that businesses need to protect this type of data at its source.

“Through methods like encryption, hackers may be able to take the data, but not actually be able to read it, ensuring it can’t be used,” Hart says.

“It’s incredibly frustrating to see these attacks continue to hit the headlines, given the relative ease of methods that are out there now to prevent them.” 

Cash Converters has released a breach notification email to its customers, with a spokesman saying:

“Please be reassured that, alongside the relevant authorities, we are investigating this as a matter of urgency and priority.

“We are also actively implementing measures to ensure that this cannot happen again.

“Although some details relating to the cybersecurity breach remain confidential while Cash Converters works with the relevant authorities, we will continue to provide as much detail as possible as it becomes available.

“The current webshop site was independently and thoroughly security tested as part of its development process. 

“We have no reason to believe it has any vulnerability, however additional testing is being completed to get assurance of this.

“Our customers truly are at the heart of everything we do and we are both disappointed and saddened that you have been affected. 

'We apologise for this situation.”

Cloud application attacks in Q1 up by 65% - Proofpoint
Proofpoint found that the education sector was the most targeted of both brute-force and sophisticated phishing attempts.
Singapore firm to launch borderless open data sharing platform
Singapore-based Ocean Protocol, a decentralised data exchange that promotes data sharing, has revealed details of what could be the kickstart to a global and borderless data economy.
Huawei picks up accolades for software-defined camera ecosystem
"The company's software defined capabilities enable it to future-proof its camera ecosystem and greatly lower the total cost of ownership (TCO), as its single camera system is applicable to a variety of application use cases."
Tech community rocked by deaths of Atta Elayyan and Syed Jahandad Ali
Both men were among the 50 killed in the shooting in Christchurch last Friday when a gunman opened fire at two mosques.
NZ ISPs block internet footage of Christchurch shootings
2degrees, Spark, Vodafone and Vocus are now blocking any website that shows footage of the mosque shootings.
Barracuda expands MSP security offerings with RMM acquisition
Managed Workplace delivers an RMM platform with security tools and services, such as site security assessments, Office 365 account management, and integrated third-party antivirus.
Flashpoint: APAC companies must factor geopolitics in cyber strategies
The diverse geopolitical and economic interests of the states in the region play a significant role in driving and shaping cyber threat activity against entities operating in APAC.
Expert offers password tips to aid a stress-free sleep
For many cybersecurity professionals, the worries of the day often crawl into night-time routines - LogMeIn says better password practices can help.