Whistleblower: Ubiquiti Breach “Catastrophic”

On Jan. 11, Ubiquiti Inc. [NYSE:UI] — a major vendor of cloud-enabled Internet of Things (IoT) devices such as routers, network video recorders and security cameras — disclosed that a breach involving a third-party cloud provider had exposed customer account credentials. Now a source who participated in the incident response to that breach alleges Ubiquiti massively downplayed a “catastrophic” incident to minimize the hit to its stock price, and that the third-party cloud provider claim was a fabrication.