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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.