Nigel has been in the regulated financial services industry for nearly a decade, has previously owned a financial brokerage and has written many times for sites relating to personal finance and trading.
Robinhood Markets slipped 3% at the open of Tuesday trading after the company announced a cyberattack exposing millions of users’ personal information. The popular trading platform announced that the attack has since been controlled as of late last week, yet investors are remaining cautious, sparking a slight sell-off in the early hours of Tuesday trading.
The attack involved the information exposure of roughly five million Robinhood users, even accessing more private information for around 300 users. Luckily, users were not victims of any financial losses, yet the security breach was enough to cause a widespread scare amongst its traders and investors alike.
Through impersonation of an authorized party, hackers were granted access to the platform through customer service – where they were able to access and expose millions of users’ private information.
For a trusted platform like Robinhood, this could act as a serious blow to the companies security protocol. Whilst the 3% stock slip could have been much worse, it still illustrates investor sentiment towards these sorts of events, and whilst it is no immediate fault of Robinhood, security is a critical pillar for long-term sustainability and customer satisfaction.
HOOD stock is currently showing a daily loss of 3.16%, trading around the $36.8 mark. HOOD shows an annual gain of 5.77%.
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