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United State share-trading app Robinhood has been hit by a security breach exposing the names or email addresses of more than seven million people.
BBC reports that the company says the breach affected “a limited amount of personal information for a portion of our customers”.
And it does not believe the most sensitive information it gathers – US social security numbers and financial information – was revealed.
Robinhood said it had rejected a demand for payment and reported the attack.
Such ransom demands are not uncommon in cyber-attacks amount to a promise not to sell on the compromised data or leak it for free online.
Robinhood said it had notified law enforcement authorities and hired an external cyber-security firm to help deal with the incident.
“We owe it to our customers to be transparent and act with integrity,” the company’s security officer, Caleb Sima stated.
Robinhood is available only to US users and requires them to be over 18, provide a valid social security number, and a valid US address.
The company says that sensitive information was not exposed.
The app, which allows for low-volume share trading by ordinary people looking to invest, exploded in popularity earlier this year and was widely used by speculative investors behind the GameStop trading frenzy.
Editing by Adeniyi Bakare