A Website Hacker Attacks – CitiGroup Denies Knowledge

Submitted by Robert Abela on January 20, 2010 - 9:18 am No Comment

While I try and not to be so graphic with my comments, I can’t help but feel CSI-esque lately with all of these website hacker attacks.

So here we go again. This time, its CITI. Just reported today by marketwatch.com, Citigroups stock sank significantly based on the rumor that Citigroup suffered a website hacker attack that lead to millions of dollars of client losses.

Now for the record, at this point, Citigroup denies the allegations. However, the Wallstreet Journal broke the story themselves earlier today.

Anyways, no matter who did what, when to whom, lets look at the splatter here..

1) Stock drops.
2) Customers start to call in.
3) Customers who smell anything out of the ordinary will call in.
4) Customer worry, risk and otherwise confidence in the internet and banking as a whole suffer.

I’m sure the community will come up with more than my simple list above, but it is safe to say there is SOME impact, material or not, to Citigroup and the industry as a whole.

UPDATE: Now CNET reports it as well, but with denials from Citigroup.