Coinfeeds Daily → Evolve Bank Data Leak Has Users' Personal Data From Bitfinex, Copper, and Nomad

Evolve Bank Data Leak Has Users' Personal Data From Bitfinex, Copper, and Nomad

Published: Jul 02, 2024 | Last Updated: Jul 02, 2024
Howard Kane
A large data breach
Image: A large data breach

Lockbit ransomware group targets Bitfinex, Nomad, and Copper Banking users, highlighting the need for robust cybersecurity measures.

Evolve Bank and Trust recently experienced a significant data breach, impacting users of Bitfinex, Nomad, and Copper Banking. The breach, orchestrated by the Lockbit ransomware group, resulted in the theft of 33 terabytes of user data. This article breaks down the key aspects of the breach and its implications for affected users.

How the Breach Happened

The breach occurred when an Evolve Bank employee clicked on a malicious link, allowing the Lockbit ransomware group to access the bank's systems. This highlights the importance of cybersecurity training for employees to recognize and avoid phishing attempts.

Scope of the Data Breach

The stolen data includes personal information such as names, addresses, social security numbers, and account balances from over 155,586 accounts. This extensive data theft poses significant risks for identity theft and financial fraud for the affected users.

Delayed Notification

Evolve Bank was aware of the breach for a month before notifying the affected users. This delay in communication can exacerbate the potential damage, as users are left unaware and unable to take immediate protective measures.

Containment and Response

Despite the severity of the breach, Evolve Bank claims to have contained the attack without paying the ransom demand. The bank has not observed any further unauthorized activity since May 31, indicating that their containment efforts were effective.

Practical Takeaways

This incident underscores the importance of robust cybersecurity measures and timely communication in the event of a breach. Organizations should invest in regular cybersecurity training for employees and establish clear protocols for breach notification to minimize the impact on affected users.

For users, it is crucial to monitor personal accounts for any suspicious activity and consider credit monitoring services to protect against identity theft. Staying informed about potential data breaches and taking proactive steps can help mitigate the risks associated with such incidents.

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