Ubiquiti hides data breach to prevent stock fall

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Ubiquity, an American technology company has reportedly hidden a security breach to prevent its stocks falling in the international market.

Well, this astonishing fact was revealed by a whistleblower who took part in last year’s data breach response of the company.

Brian Krebs, the owner of KrebsOnSecurity was the first to report on the breach that was disclosed to him by the whistleblower last month.

Krebs says that the cyber attack that took place last year witnessed authentication keys being accessed by the hacker that could have exposed data related to customers and cloud infrastructure to the threat actors or might have already done.

The highlight in the data breach of Ubiquiti is that the whistleblower also wrote the same to the European Data Protection Supervisor and also disclosed that the repercussions might prove more serious in near future.

Highly placed sources from Ubiquiti admit that some hacker/s tried to breach the company’s database and demanded $2.8 million in BTC to keep things private.

But the IT staff reportedly acted swiftly and discovered the backdoor from where the breach occurred and closed it without paying a single penny as ransom.

Till here, everything seems to be fine. However, the actual story begins from here.

Ubiquity data breach notification stated that the leak happened because of the negligence of a third party cloud services provider (Amazon Web Services)- because of which some of its valuable data was accessed by hackers.

But Brian Krebs report states that the Ubiquity was the direct target and not a victim, unlike what was being said by the technology company in a statement by the New York based company a few weeks ago.

Amazon Web Services offers cloud infrastructure services to its tenants securely and then all depends on the tenants to secure their data assets, respectively.

But with Ubiquiti data breach, the company tried to put the blame all on Amazon to wash off its hands and to save its business reputation from being maligned because of the breach- that could have directly hit the stock prices, respectively.

Hope, all these claims prove as false!

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Naveen Goud is a writer at Cybersecurity Insiders covering topics such as Mergers & Acquisitions, Startups, Cyber Attacks, Cloud Security and Mobile Security

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