The frequency at which these break-ins happen appears to be growing, so every week we'll update our report with fresh news on the latest hacks and links on where you can go if there's action to be taken - whether you're concerned about your privacy or not.This week we're looking at a data breach at clothing maker Guess, another at a dermatology company that may have affected 2.4 million people, and a new $10 million award from the White House to thwart ransomware. Go here to send me story tips, feedback and suggestions.Welcome to GearBrain's Weekly Data Breach Report, a collection of known breaches into company databases where someone you don't know got access to your personal information. Go here to read all of my blogs and articles covering cybersecurity. – Steve Morgan is founder and Editor-in-Chief at Cybersecurity Ventures. For instance in India it is 499 Rupees, or $6.85 per month US. * The cost for Netflix varies by country. Tell us what you think.Ĭan I borrow your Amazon Prime account anyone? There are varying opinions around whether sharing passwords is actually illegal, or punishable, but one thing is clear: Netflix reserves the right to terminate an account due to a violation of its terms of service. If that comes to pass, then what will it mean for Netflix’s revenues? And will it have a negative impact on its viewership numbers?Įither way, Netflix appears to be taking a defensive posture to ward off non-paying viewers, an about-face from 2016 when their CEO Reed Hastings encouraged password sharing. It’s possible that tens of millions of Netflix viewers will suddenly lose access. While Netflix doesn’t appear to be going passwordless anytime soon, they are testing a new feature to crack down on shared passwords. What would a few billion more dollars in annual revenue contribute to their stock price and market cap?Ībagnale, whose story provided the inspiration for Steven Spielberg’s 2002 film, “ Catch Me If You Can,” starring Leonardo DiCaprio as Abagnale and Tom Hanks as the FBI agent fast on his heels, calls passwords antiquated and one of the biggest reasons the world suffers financial losses due to cybercrime. In 2020, Netflix had revenues of around $25 billion. Ninth Circuit Court of Appeals Court in 2016 found that sharing passwords is a crime prosecutable under the Computer Fraud and Abuse Act (CFAA). The state of Tennessee passed a law in 2011 which made it a crime to share passwords for Netflix accounts and other popular online sites. An opinion issued by the U.S. But the collective monetary losses suffered by Netflix are massive. Is Netflix a victim of cybercrime? It’s hard to point the finger at a single user guilty of sharing their password and calling them a cybercriminal. To come up with your own numbers, choose a percentage of cheaters who must pay and estimate if they’ll go for the entry-level Basic service or the pricier Standard subscription at $13.99 per month - or the Premium level at $17.99. There’s no way to know how many of those people would pay if it were the only way to access Netflix. These figures assume all unauthorized users would have to pay for a Basic account to legally view content. Netflix is theoretically losing more than $600 million per month, or more than $7.3 billion annually due to unauthorized password sharing. If the math is correct, then around 68 million Netflix users are sharing their passwords and violating the terms of use they agreed to: “ The Netflix service and any content viewed through our service are for your personal and non-commercial use only and may not be shared with individuals beyond your household.” where the entry-level Basic service costs $8.99 per month *. Netflix has 204 million users globally, according to a recent estimate. It’s quite possible the COVID-19 pandemic has driven that number way up with so many people tied to their homes. They’re also for unauthorized access to Netflix, the world’s most popular video streaming service.Ībout one-third of Netflix users share their passwords with people outside their household, according to a survey conducted in early 2020. “Passwords are for treehouses,” says Frank Abagnale.
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