Your Facebook (NASDAQ:FB) password needs to be changed as soon as possible as the social media site has reportedly been storing the passwords of millions of users in plain text.
Brian Krebs of Krebs on Security revealed the news, noting that the business was storing these passwords on the company’s servers without any form of encryption or concealment. The announcement comes less than a month after CEO Mark Zuckerberg said the company planned on improving its privacy and security measures.
Facebook and other social media sites often use hashes and salts passwords to stop any cybercriminals from reading user passwords easily. However, the list of passwords discovered by Krebs were easy to read for anyone with the knowhow on how to access it.
He adds that these passwords were on a server, which was accessed millions of times by about 2,000 engineers and developers, endangering the security and privacy of Facebook’s users.
In response to this issue, Facebook VP of engineering, security and privacy Pedro Canahuati wrote in a post that the site will be informing “hundreds of millions of Facebook Lite users, tens of millions of other Facebook users, and tens of thousands of Instagram users” to inform them that their passwords were made available in the server that has them stored as plain text.
Perhaps surprisingly, the news only caused FB stock to decline about 0.5% on Friday.
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