Data Breach - Bank of America Warns Clients & Customers

Uploaded on 2024-02-23 in FREE TO VIEW, BUSINESS-Services-Financial

Bank of America is warning customers of a cyber attack and is sending notification letters to 57,000 customers to inform them that their personal information was stolen in a data breach that is exposing their personal information after Infosys McCamish Systems (IMS), one of its service providers, was hacked last November.

The exact number of Bank of America customers impacted by the breach, including personally identifiable information such as social security numbers, account numbers, date of birth and addresses, has not been confirmed.

Bank of America serves approximately 69 million clients at over 3,800 retail financial centers and through approximately 15,000 ATMs in the United States, its territories, and more than 35 countries.

"Or around November 3, 2023, IMS was impacted by a cybersecurity event when an unauthorised third party accessed IMS systems, resulting in the non-availability of certain IMS applications," the breach notification says.

"On November 24, 2023, IMS told Bank of America that data concerning deferred compensation plans serviced by Bank of America may have been compromised. Bank of America's systems were not compromised.... It is unlikely that we will be able to determine with certainty what personal information was accessed as a result of this incident at IMS."

LockBit Ransomware Attack On IMS

The November security breach led to a "non-availability of certain applications and systems in IMS," as explained when the incident was first disclosed in a filing with the US Securities and Exchange Commission. On November 4th, the LockBit ransomware gang claimed responsibility for the IMS attack, saying that its operators encrypted over 2,000 systems during the breach.

The LockBit ransomware-as-a-service (RaaS) operation came to light in September 2019 and has since targeted many high-profile organisations, including the UK’s Royal Mail and others. Lockbit was most recently in the news resulting from a combined US and UK law enforcement operation which impounded the RaasS website.

Forbes | Infosys | Maine Attorney General

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