Bank of America is warning of a data breach affecting personal information customer. The breach stemmed from an attack on one of the bank's service providers (which took place last year).
The data breach affects the following customer data elements:
- Names
- Addresses
- Social security numbers
- Dates of birth
- Financial information (including account and credit card numbers )
While Bank of America has yet to disclose how many customers were affected by the data breach, Infosys McCamish Systems (IMS), the provider that was attacked, revealed that data of 57,028 people was exposed.
Infosys, the parent company of IMS, is engaged in IT consulting and has clients in more than 56 countries. Bank of America is one of them and serves approximately 69 million customers in the United States, and in more than 35 countries.
See also: Verizon: Internal data breach exposed employee details
“On or around November 3, 2023, IMS was impacted by a cybersecurity where an unauthorized third party accessed systems, resulting in the unavailability of certain IMS applications,” IMS said.
“On November 24, 2023, IMS told Bank of America that data related to compensation deferral programs serviced by Bank of America may have been compromised. Bank of America’s systems were not compromised,” the company clarified.
However, it warns that it is not possible to determine with certainty the personal information that was exposed as a result of the data breach.
The Bank of America data breach could have significant implications for its customers. First, customers' personal and financial data was exposed, putting customers at risk of fraud or identity theft.
See also: HPE: Investigating allegations of new data breach
Second, customers may experience difficulties accessing or managing their accounts, as the bank may have to suspend or change certain services for security reasons.
Third, customer trust in Bank of America could be undermined. The bank itself may have been compromised, but customer . Protecting customers' personal and financial data is vital to any bank, and a breach of that protection could lead to a loss of trust.
Finally, customers may need to take the time and effort to protect themselves, by changing passwords ,monitoring their transactions, or contacting the bank and other experts with related questions.
LockBit ransomware gang claims responsibility for IMS attack
IMS had said the attack led to “the unavailability of certain applications and systems at IMS” when it first disclosed the incident to the U.S. Securities and Exchange Commission.
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On November 4, the LockBit claimed responsibility for the attack, saying it encrypted over 2,000 systems during the breach.
See also: Blackbaud data breach: FTC calls for security enhancements
LockBit is one of the most popular and prolific ransomware. It was discovered in September 2019 and has since targeted many major organizations, including the UK Royal Mail, the automotive company Continental, the City of Oakland, and the Italian Internal Revenue Service.
Source: www.bleepingcomputer.com
