Evolve Bank & Trust Confirms Significant Data Breach
Evolve Bank & Trust, a cryptocurrency-friendly financial institution, recently experienced a major data breach involving 33 TB of information. The breach was the result of a LockBit ransomware attack carried out by a Russian hacker group.
Details of the Breach
At the end of May, Evolve Bank detected unauthorized activity on some critical systems, leading to the discovery of the breach. It is believed that the hackers gained access to the network through a malicious link clicked by an employee. Despite not giving in to ransom demands, the bank was able to restore data from backups.
Unfortunately, hackers were able to publicly release a large amount of data, including personal information of clients and employees. While Evolve Bank assures no immediate financial threat, experts warn of potential security risks.
Implications and Response
Publications like Fintech Business Weekly have highlighted the unique nature of this breach, emphasizing the sensitivity of the exposed data. The bank’s delayed notification to partner services raises concerns about the handling of the incident.
Cybersecurity experts stress the importance of proactive measures to safeguard against potential fraud or blackmail. Clients are advised to remain vigilant and monitor their accounts for any suspicious activities.
