Market Overview

Time Confirms MySpace Hack

Time Confirms MySpace Hack

Time Inc. (NYSE: TIME) confirmed its social networking platform Myspace has been hacked shortly before the Memorial Day weekend. The incident comes just more than three months after Time acquired the Myspace on February 11.

The company said Myspace user login data was being made available in an online hacker forum. The data stolen included user login data from a portion of accounts that were created prior to June 11, 2013 on the old Myspace platform.

A BBC report said, "The touted list contains details for 360.2 million accounts, including email addresses and up to two linked passwords."

"We believe the data breach is attributed to Russian Cyberhacker ‘Peace.' This same individual is responsible for other recent criminal attacks such as those on LinkedIn Corp (NYSE: LNKD) and Tumblr, and has claimed on the paid hacker search engine LeakedSource that the data is from a past breach. This is an ongoing investigation, and we will share more information as it becomes available," the company said in a blog post.

According to a press release, "Myspace breach does not affect any of Time Inc.'s systems, subscriber information or other media properties and does not appear to include financial data of any kind."

Myspace is notifying all affected users and working proactively with law enforcement authorities to resolve this issue. The social network has also invalidated the passwords of all known affected users and is monitoring for suspicious activity that might occur on Myspace accounts.

"We take the security and privacy of customer data and information extremely seriously—especially in an age when malicious hackers are increasingly sophisticated and breaches across all industries have become all too common. Our information security and privacy teams are doing everything we can to support the Myspace team," Jeff Bairstow, Time Inc. Executive Vice President and Chief Financial Officer, said in a statement.

Hackers are becoming more sophisticated and targeting big names. This month, LinkedIn Corp (NYSE: LNKD) revealed more than 100 million users passwords may have been compromised for years.

Time is one of the world's leading media companies, with a monthly global print audience of over 120 million and worldwide digital properties that attract more than 150 million visitors each month, including over 60 websites. The company's key brands include People, Sports Illustrated, InStyle, Time, and Fortune.


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