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LifeLock pulls its Wallet apps and deletes user data after security scare

Jasper_The_Rasper
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Graham Cluley | May 17, 2014 10:55 pm
 
LifeLock, a firm which is supposed to help you protect yourself from identity thieves, has taken the drastic action of announcing that it is yanking its iPhone and Android apps.
 


 
The reason? It looks like it wasn’t doing a good enough job of keeping your private information private.
Oh dear.
More precisely, according to a blog post by LifeLock CEO Todd Davis, the app failed to reach the standards set by the payment card industry (PCI).
 
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    Baldrick
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    • Baldrick
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    • May 19, 2014

    Wipes servers clean of user data after PCI DSS issues

    By John Leyden, 19 May 2014  LifeLock has withdrawn its Wallet App and deleted user data over concerns the technology falls short of user data protection rules under the payment card industry's Data Security Standard (PCI DSS).
     
    In a statement Todd Davis, chairman and chief exec of LifeLock, said it was suspending the app as a precaution - not in response to a security breach.
     Yanking the mobile app will not affect the LifeLock ID theft protection service, which is designed to detect fraudulent abuse of credit card and non-credit related services, the firm assured customers.
     
    Nonetheless, taking the drastic step of pulling its mobile technology is bound to raise concerns – especially since LifeLocker has yet to explain why its mobile apps were not up to snuff.
     
     
     
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    Interesting one this, as I suspect that we all use something similar or related to protect sensitive data...and if I am honest I have probably not really checked out how secure the ones I use.  Oh yeah, encryption levels are one thing but not the be all and end all and there is probably a need to give this aspect more consideration.
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    Jasper_The_Rasper
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    • Jasper_The_Rasper
      Jasper_The_Rasper
    Jasper_The_Rasper
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    Shares tumble on news that iOS and Android apps may not adequately secure data.
    by Dan Goodin - May 19 2014, 10:41pm GMTST
     
     
    Shares of anti identity theft service LifeLock fell almost 18 percent on Monday after the company said it was temporarily suspending its iOS and Android apps because it may have failed to adequately secure user data.
     
    The stock price closed down $2.28, or 17.6 percent, to $10.70 on the New York Stock Exchange Monday. The sell-off was triggered by LifeLock's move late last week to delete all information stored on its servers by the Wallet mobile applications for iOS and Android devices. LifeLock, which acquired the apps in December for about $42.6 million, also pulled them from the Apple App Store and Google Play Market. The company took the unusual steps after determining that unspecified aspects of the apps "may not be fully compliant with payment card industry (PCI) security standards" that are binding on most merchants who accept payments through credit or debit cards.
     
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    I think the fall is the price was inevitable given the circumstances.
     

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