Evolve Bank & Trust recently confirmed that it fell victim to a sophisticated ransomware attack, resulting in the loss of sensitive customer data. The breach notification posted on the company’s website detailed how the intrusion was first detected in late May 2024, initially misidentified as a malfunctioning hardware issue.
A thorough investigation later revealed that the problem stemmed from a malware attack. This breach was triggered by an employee who inadvertently clicked on a malicious link embedded in a phishing email. The intrusion was attributed to the notorious LockBit ransomware gang, which successfully infiltrated Evolve’s systems, stealing critical data and encrypting much of it.
Fortunately, Evolve reported having working backups in place, minimising both the extent of data loss and operational disruption. Despite receiving demands from LockBit for a ransom payment to obtain a decryption key and protect any stolen data, Evolve decided against complying with these threats. Instead, they are focused on strengthening their cybersecurity measures to prevent future incidents while safeguarding their customers’ information.
The recent data breach has raised significant concerns over the extent of its impact. According to a newly released announcement, the exact number of affected individuals remains unspecified. However, an alarming detail emerged in a separate filing with the Office of the Maine Attorney General.
TechCrunch discovered that more than 7.6 million people’s personal information waspromised in this incident. The stolen data is susceptible and includes customer names, Social Security Numbers, bank account numbers, and various contact details.
Not only were customers directly linked to Evolve Bank impacted, but employees from the bank and users of its Open Banking partners also fell victim to this breach. The scope of this issue highlights the interconnected nature of financial institutions and their clientele.
Evolve has emphasised that investigations into the breach are still underway. They indicated that further developments might alter the current understanding of the situation.
In late June, amidst rising cybersecurity threats, LockBit—a known cybercriminal organisation—proclaimed it successfully infiltrated the US Federal Reserve, stealing critical data from one of the country’s most significant financial institutions. This revelation adds another layer to an already troubling narrative surrounding data security in our increasingly digitised world.
A recent data breach has raised serious concerns about its impact. A new announcement does not specify how many people were affected. However, TechCrunch found out that over 7.6 million individuals had their personal information stolen. This data includes sensitive details like names, Social Security Numbers, bank account numbers, and contact information. The breach affected not only customers of Evolve Bank but also its employees and users of its Open Banking partners. This situation shows how connected financial institutions and their clients are. Evolve Bank is still investigating the breach and says that new information may change the current understanding of the issue.
In late June, the cybercriminal group LockBit claimed it hacked the US Federal Reserve, stealing essential data from one of the country’s major financial institutions. This news adds to the growing concerns about data security in our digital world.
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