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ADT reports limited customer data breach

EditorTanya Mishra
Published 08/08/2024, 11:28
ADT
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ADT Inc. (NYSE: ADT), a provider of security, automation, and smart home solutions, disclosed a cybersecurity incident where unauthorized access to its customer databases resulted in the exposure of some customer information.

The breach, which the company became aware of on August 3, 2024, led to the illegal acquisition of certain customer details, including names, email addresses, phone numbers, and postal addresses.

The company, headquartered in Boca Raton, Florida, said it acted promptly to halt the unauthorized access and engaged third-party cybersecurity experts to assist in the investigation.

ADT has stated that there is no evidence to suggest that the security of customer home systems was compromised or that sensitive personal information such as credit card numbers or banking details were accessed.

The incident affected a small percentage of ADT's subscriber base, and the company has already notified the customers believed to be impacted. The ongoing investigation has not, as of now, indicated any material impact on ADT's operations or its ability to meet its financial goals for 2024.

ADT recently reported a revenue increase of 3% for the second quarter of 2024, along with a 14% rise in adjusted free cash flows, reaching $251 million. Despite foreseeing some challenges in the upcoming quarter, the company reiterated its full-year guidance for 2024.

The company's investments in new products and partnerships, such as the ADT+ platform and collaborations with Yale Lock and Google (NASDAQ:GOOGL) Cloud, were also highlighted. Anticipated legal settlement costs and increased expenditures related to strategic account acquisitions were identified as potential impacts on the third quarter's financial performance.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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