Money Minute: Adobe Hack Worse than Thought; Markets Await Fed Decision


One of the biggest-ever cyber attacks just got a whole lot bigger. That and more top money stories you need to know Wednesday.

The massive security breach at Adobe Systems (ADBE) was far more extensive than the company disclosed earlier this month. It now says the cyber-attack resulted in the theft of data from more than 38 million customer accounts. That's up from the earlier estimate of 3 million. The company says the hackers stole credit-card information, passwords and other data on Adobe customers. To limit the damage, Adobe has reset passwords and notified all of the affected users.

Bernanke (Chairman of the Federal Reserve Ben Bernanke testifies before the House Financial Services Committee on Capitol Hill i
Charles Dharapak/APFederal Reserve Chairman Ben Bernanke
Keep an eye on the market around 2 p.m. Eastern time today. No policy changes are expected when the Federal Reserve wraps up its two-day meeting, but you never know. And whenever Chairman Ben Bernanke issues a statement about the economy, it reminds me of the old E.F. Hutton slogan: "When Ben Bernanke talks, people listen."

More records fell on Wall Street on Tuesday, with both the Dow the S&P 500 reaching new highs. For the S&P, it's the seventh straight all-time high. The Dow Jones industrial average (^DJI) jumped 111 points, the Standard & Poor's 500 index (^GPSC) rose 9 and the Nasdaq composite index (^IXIC) gained 12.

More and more people are connecting via LinkedIn. The social-network for professionals says the number of users on LinkedIn (LNKD) is up a whopping 38 percent from a year ago, to nearly 260 million. However, the company did post a loss and it warns the pace of growth in the current quarter will slow.

Things might be getting fun again for video-game makers. Shares of Take-Two Interactive Software (TTWO) are set to take off after a big jump in earnings due to huge sales of the fifth version of its "Grand Theft Auto" series.

Rival Electronic Arts (EA) also posted blowout results, mostly because of its football, soccer and other sports-themed games. And both companies issued upbeat outlooks for the holiday shopping season, as new Xbox and PlayStation consoles are set to debut next month.

And Barnes & Noble (BKS) releases an updated version of its black and white Nook e-book reader today. It's lighter, has a sharper display, better battery life and a backlit screen.

-Produced by Drew Trachtenberg.

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Tom Daigon

Thinking of signing up for the @adobe Creative Cloud? Some of these horror stories might change your mind.

Remember to change your passwords and check your bank account for the next several month to make sure the hackers that got all that sensitive data from Adobe don't access your accounts.

New Adobe Survey. If you are not happy with CC being the only choice, let them know.

October 30 2013 at 7:32 PM Report abuse rate up rate down Reply

I found two charges for service stations in New Jersey. I live in the west and have never been to New Jersey. Seems that Adobe lack of security has reached me. If you follow the instructions in the Adobe letter, you can't get into Experian to have their protection. You have to call and give them even more of your private information. Why would I believe that their security is any better than what Adobe offered?

October 30 2013 at 2:00 PM Report abuse rate up rate down Reply

It's disappointing to see that Cyber Security does not receive the attention it demands in today's era. One thing that has been exposed in this field however, is the inability or really the imperfections of all Anti-virus engines on the market. I would encourage you to read how companies like OPSWAT are leading the way in multi-scanning and endpoint protection.

October 30 2013 at 12:50 PM Report abuse rate up rate down Reply

the value of technologies entertainment presently is below zero which
is where technology belongs. With such superfluous high prices and poor entertainment in general, we could find better things to do such as play tiddly winks. The highway is overfilled with advertisments which are
meaningless and not worth what they are paying for them, I can\'t help but
think the future of this source is truly short lived.

October 30 2013 at 11:20 AM Report abuse rate up rate down Reply

The Fed can't end the stimulus, too many politicians are relying on their portfolios to live on after the next elections, hopefully, most of them will be unemployed at that time. Benny's got to look out for his buddies...

October 30 2013 at 10:09 AM Report abuse +3 rate up rate down Reply

People at Adobe should have been monitoring their servers - a 38 million account download in progess would certainly show.
These are minor issues not likely to influence the market. A problem that will though is the lack of capacity at the credit processing centers. During the holiday season this lack of capacity can slow purchasing to a crawl. Most consumers will skip a purchase if they have to wait in a long line.
This reduces sales, reduces GNP, reduces employment, reduces bottom lines, reduces dividend checks.

October 30 2013 at 9:31 AM Report abuse +1 rate up rate down Reply