Cyber attack has become one of the most common crimes in the
recent times. E-Commerce giant
) recently disclosed that one of its corporate information networks
suffered a cyber attack.
eBay revealed that unknown perpetrators infiltrated a database
gaining unauthorized access to its corporate network.
The breached database contained personal information, including
customers' names, encrypted passwords, telephone numbers, physical
addresses and date of birth. The company, however, clearly stated
that no financial information regarding its customers, such as
credit card numbers, was stolen.
Also, personal as well as financial information related to
PayPal users, stored in an encrypted format on a separate network,
In response to the breach, eBay has advised its users to change
their passwords to ensure security. However, the recent breach has
not only put current cyber security solutions under the scanner,
but also the habit of using a simplistic password that can be
The news comes on the heels of several high-profile data
breaches, including the one at
) affecting 110 million customers during the holiday season of
2013. According to
) RSA division, apart from Target and Neiman Marcus Group Ltd.,
data of at least 41 retail companies were compromised and debit and
credit card details of approximately 50K customers were stolen
during the same period.
) McAfee lab, cyber attacks will increase manifolds in 2014
compared with 2013 and 2012. We believe that strict vigilance from
all sectors is the need of the hour. Efforts to improve
coordination within the private sector are also increasing.
Additionally, training and education on security matters are
equally important to develop a preventive mechanism against such
Amid the growing number of cyber attacks, corporations and
companies are looking for stricter and more stringent cyber
security measures to plug the loopholes in the system. While new
security solutions may not be a permanent answer to the problem, it
will serve as the first step to solve this complex problem.
Currently, eBay has a Zacks Rank #3 (Hold).
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