LinkedIn reports that it lost up to $4 million due to one of the biggest data breaches in 2012.
LinkedIn is understood to have spent between $500k and $1 million on computer forensic investigation work after a number of passwords of the 175 million LinkedIn member’s accounts data were breached.
LinkedIn continued to spend $2 million to $3 million in costs in the current financial quarter toward strengthening the websites security.
LinkedIn also confirmed that some of the passwords that had been included in the data breach had been posted online by a suspected hacker and that they corresponded to accounts held by them.
LinkedIn state that since the data breach they have redoubled efforts to increase and ensure safety of accounts on LinkedIn by strengthening passwords and increasing the security of the data and infrastructure.
LinkedIn’s financial outlook remained strong given the growth and member engagement was the same as prior to the data breach.
Since the data breach was identified, LinkedIn has reset the passwords of any accounts that were believed to have been affected.
The passwords that were stolen were encrypted using the SHA-1 hash function that had been created by the National Security Agency.
In addition to this, LinkedIn failed to add additional layers of security such as randomly appending a string of characters, known as salting.
New security measures, including salting the passwords, were now reported to have been introduced by LinkedIn.
The owner is able to control the botnet remotely and the term Botnet is a combination of the words ‘robot’ and ‘network’.
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