Hackers on the Attack: This Bank is the Latest Victim

This morning Citigroup (NYSE:C) reported having suffered a security breach in early May at the hands of online hackers. The breach may have compromised the security details of several hundred thousand Citigroup customer, or some 1% of the banks total client list of 21 million card holders in the North American Region.

According to MarketWatch, “The breach took place at Citi Account Online, which would potentially expose customer data such as names, account numbers and email addresses, the report said.” Citi claims it has responded by beefing up fraud detection and online security efforts, yet has not released information pertaining to any issues with customers’ account balances.

The hack at Citi was reportedly limited to customers’ credit card and account numbers, as officials say that valuable personal details, such as social security numbers, were not accessed.

Security concerns have been a hot-button issue in the last couple of weeks, as the Citi (NYSE:C) hack is the latest in a string of high-profile corporate networks to be breached by private infiltrators. A couple of weeks ago Sony (NYSE:SNE) had its playstation network (which includes over 70 million users) hacked by a rogue organization called “Lulzsecurity.” The gaming host was forced to shut down its network for several weeks while it resolved these concerns. Defense contractor Lockheed Martin (NYSE:LMT) was also recently victimized by an online breach into its secure database, though the details of the event were less severe.

With cloud computing making a move to the mainstream, companies will need to work to make sure their cloud servers, through which all their database info will be stored, are less transparent than current systems. For more on security concerns with cloud computing, check out this Wall Street Cheat Sheet feature.

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