New York State Attorney General Barbara Underwood has launched an investigation into the hack of Starwood's guest registration system announced Friday morning. And while one analyst who appeared on CNBC Friday morning said he didn't expect the scandal to have a long-term impact on Marriott shares, analysts at Cowen have warned that it could impact enrollment in Starwood's loyalty program, which is seen as one of its most successful assets.
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This is terrible news for Marriott shareholders (and great news for the VC backers of Airbnb).
Marriott shares have fallen more than 2% in premarket trading after the hotel chain announced news of a massive data breach of its guest registration system at Starwood hotels, the hotel chain that it purchased in September 2016.
According to a press release, Marriott believes the compromised database had information on up to 500 million guests who had made a reservation at a Starwood property. The information compromised includes sensitive details including their passport numbers (for those who booked at foreign hotels) as well as name, date of birth, dates of their reservation, email address and mailing address. The infiltration dates back to at least September 2014 - before Starwood was purchased by Marriott - and continued through September of this year. Payment card numbers and payment card expiration dates belonging to some of those affected were also stolen, but the payment card numbers were encrypted using Advanced Encryption Standard encryption.
More at: https://www.zerohedge.com/news/2018-...numbers-stolen
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