Sunday, June 16, 2024

US Bank Confirms Global Cybersecurity Breach, Revealing Compromised Sensitive Customer Data

A New York-based financial institution has reported a global cybersecurity incident that has exposed sensitive customer data. In a formal communication addressed to its clientele, M&T Bank has disclosed that this security breach pertains to the file transfer tool MOVEit, which is employed for the secure transmission and receipt of confidential information.

As per the bank’s statement, the perpetrator managed to gain access to customer data by targeting one of the bank’s third-party vendors. The investigation determined that certain information held by these external service providers was compromised, which includes personal details such as names, addresses, and M&T checking, savings, and/or money market account numbers.

It is important to note that while this information was exposed, critical data such as PINs, passwords, social security numbers, date of birth, and debit/credit card numbers remained unaffected and were not accessed.

M&T Bank has asserted that its internal systems remain secure and were not compromised during this data breach incident.

In response to the breach, a customer impacted by the incident has initiated a class action lawsuit against M&T Bank, citing the institution’s alleged failure to adequately secure and safeguard data within its network. According to the lawsuit, the security breach has potentially impacted the data of a minimum of 95,000 customers, with the likelihood of hundreds of thousands more being affected given the bank’s extensive customer base.

M&T Bank, a financial institution with assets exceeding $207 billion, maintains a presence in 12 states across the Eastern United States.

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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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