There are several things to say about this.
1. How much data was stolen?
First, exactly how big were the attacks, and what data may have been compromised either at Google or at the other companies where Google detected attacks?
The announcement of the attacks in the Google blog says there was "theft of intellectual property from Google." The only "intellectual property" it actually mentions is a little info about the creation of Gmail accounts, such as the dates they were created and subject line, was compromised. Did the attackers get any other intellectual property from Google besides this info?
A Google spokesperson tells me, "So far we don't have any evidence of anything else" being taken. But phrase "so far" means they could still find more later. Also, the spokesperson says Google does not know what, if anything, may have been taken from or compromised at any of the other companies where it detected the attacks.
2. Should Google get rid of data sooner to protect privacy?
This shows that data is vulnerable, even when protected with Google's sophisticated safeguards. Google keeps data for nine months, but privacy and human rights advocates say it should be less and will certainly point to this example as a reason to cut the retention time.
But there's a dilemma here. On one hand, reducing the length of time that information is kept would reduce the amount of vulnerable info.
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