The problem is caused by a hard-coded account that offers remote access via undocumented Telnet services by using the default credentials of "root" as username and the default password.
The issues outed make it possible to download and upload directly into the wireless hard disk’s file system, leading to a high chance of data theft, and spread of malware.Via: Neowin
Currently, the issue only affects Seagate’s Wireless Mobile Storage, Wireless Plus Mobile Storage and LaCie Fuel drives, running older firmware. Since these flaws have been discovered, Seagate has ensured that the newest firmware release has patched this vulnerability. If you are running firmware versions 2.2.0.005 to 2.3.0.014, these issues are present, and it is critical that you update as soon as possible. The newest firmware as of today, version 126.96.36.199, can be downloaded via the Seagate Download Finder.