Evolve Bank and Trust Data Breach?

What happens if an online intruder breaches your personal space? A breach has disrupted the reputation of Evolve Bank and Trust, leaving behind a million records of compromised data. 

The attackers got into the database through the cyber wall, presenting a disturbing question: how secure is our online world? Let's find out the potential effects of the breach and how you can protect your data from such breaches.

What Happened in the Evolve Bank and Trust Data Breach?

Evolve Bank and Trust suffered a data breach in May 2024. The incident involved unauthorized access to the bank's networks, which resulted in the compromise of sensitive customer information. 

While the specific cause is yet unknown, it is suspected that a ransomware attack was responsible.

Millions of people were affected by the breach, which exposed personal information such as names, Social Security numbers, account numbers, birth dates, and contact information. 

Several debit card numbers and ACH transaction information were also impacted. The attackers got access to the bank's network via a vulnerability, possibly exploiting a flaw in the bank's security protocols.

In May 2024, the crypto bank where Andy Ogles and other GOP have accounts, Evolve Bank, suffered a ransomeware attack by Russians (LockBit), and the hackers were able to download customer information from Evolve’s DB. https://t.co/BEogHeNgIT pic.twitter.com/cbSi3QHJhT

— WaterBluSky.bsky.social. 🇺🇸🇪🇺🇺🇦 (@MsMariaT) August 7, 2024

What was the Impact on Evolve Bank and Trust Customers?

Evolve Bank and Trust assured customers that no funds were accessed, but the breach caused widespread concern and inconvenience. Millions of people's sensitive personal information was compromised, putting them at risk of identity theft, fraud, and other financial crimes. 

Customers were advised to closely monitor their accounts for suspicious activity and take steps to protect their identities.

This Cyberattack Targets Millions of Evolve Bank and Trust Customers

Evolve stated that at least 7.6 million people's personal information was accessed during the breach, including more than 20,000 customers in Maine, and that the consequences are still growing.

According to Evolve, this data and personal information were "released on the dark web."

Evolve revealed that the breach was caused by a February ransomware attack launched by the Russia-linked LockBit gang, which was foiled earlier this year by a multi-government effort.

BREAKING: Evolve Bank & Trust has allegedly been the victim of a ransomware attack and data breach by Russian hacker group LockBit, multiple info security sites are reporting:

The group had touted a cache of Federal Reserve data but, when its demands weren't met, released what… pic.twitter.com/TsUUD0YkvN

— Jason Mikula (@mikulaja) June 26, 2024

Evolve announced that the hackers accessed and downloaded. 

"customer information from Evolve’s databases and a file share during periods in February and May 2024."

They further disclosed that the cyber attacker demanded a ransom but they denied:

“We refused to pay the ransom demanded by the threat actor. As a result, they leaked the data they downloaded.”

What are the Potential Privacy Risks from Exposed Data?

When your data is exposed online, it could pose many associated privacy threats. 

To avoid these threats, it is critical to set up strong data security measures such as encryption, access controls, and ongoing monitoring.

Here are a few of the most common online privacy risks:

Identity and Financial Fraud

Exposed personal data, such as names, addresses, Social Security numbers, and credit card information, can be used for identity theft and fraud.

Doxxing

Exposed personal information can be exploited for online harassment, stalking, or doxxing.

Targeted Harassment

Individuals from marginalized groups are more likely to face harassment as a result of information disclosed in data breaches.

Cyber Extortion

Exposed data can be used to target individuals or organizations for financial benefit.

Phishing Attacks

Exposed email addresses are susceptible to phishing attacks aimed at stealing personal or financial information.

How to Take Immediate Action in Case of a Data Breach

Acting quickly and aggressively can assist in limiting the damage caused by a data breach. A well-defined incident response plan is critical for guiding your organization's response to such incidents. 

A data breach can result in adverse effects. Here are some immediate steps to take if you find or suspect a breach:

Identify Compromised Data

Determine what type of data was exposed (e.g., personal information, financial details, medical records).

Change Passwords

Reset the passwords for all impacted accounts, including those for online services, email, and social media.

Enable Two-Factor Authentication

Implement two-factor authentication to increase security.

Contact Cybersecurity Professionals

Consider employing a cybersecurity expert to help with investigation, remediation, and compliance.

Regularly Update Software 

Keep your systems up to date to avoid vulnerabilities. Access to sensitive data and systems should be restricted based on roles and permissions.

In Conclusion!

The Evolving Bank and Trust data breach is an alarming reminder of the growing vulnerability of personal information in modern times. As technology progresses, the complexity and frequency of cyberattacks increase. 

The risks involved with such breaches go far beyond financial loss, including identity theft, reputational damage, and even legal consequences. You must implement comprehensive cybersecurity procedures to reduce these risks properly. 

PurePrivacy with a VPN provides a powerful solution for protecting personal information and preventing cyber threats. You can use PurePrivacy's suite of features to create a secure online buffer that protects your data from hackers and malicious actors.