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SSNs
Banking Information customer data compromise Data Breach Data Leak IMS Information Security LockBit LockBit ransomware Ransomware attack SSNs

LockBit Ransomware Attack on Infosys McCamish Systems Exposes Sensitive Data of Over Six Million Individuals

 

Infosys McCamish Systems (IMS) recently disclosed that a LockBit ransomware attack earlier this year compromised sensitive information of more than six million individuals. IMS, a multinational corporation specializing in business consulting, IT, and outsourcing services, primarily serves the insurance and financial services industries. The company has a significant presence in the U.S., catering to large financial institutions such as the Bank of America and seven out of the top ten insurers in the country. 

In February 2024, IMS informed the public about the ransomware attack that occurred in November 2023. Initially, the company reported that the personal data of around 57,000 Bank of America customers had been compromised. LockBit, the group responsible for the attack, claimed to have encrypted 2,000 computers within the IMS network. A recent notification to U.S. authorities revealed that the total number of affected individuals now exceeds six million. The notification outlined the steps taken by IMS, including the involvement of third-party eDiscovery experts, to conduct a thorough review of the compromised data. 

This review aimed to identify the personal information accessed and determine the individuals impacted. The compromised data includes a wide range of sensitive information, such as Social Security Numbers (SSNs), dates of birth, medical records, biometric data, email addresses and passwords, usernames and passwords, driver’s license or state ID numbers, financial account information, payment card details, passport numbers, tribal ID numbers, and U.S. military ID numbers. To mitigate the risks associated with this data exposure, IMS is offering affected individuals a free two-year identity protection and credit monitoring service through Kroll. 

The notification letters provided instructions on how to access these services. IMS has not disclosed the full list of impacted clients, but the notification mentioned Oceanview Life and Annuity Company (OLAC), an Arizona-based provider of fixed and fixed-indexed annuities, as one of the affected organizations. The list of impacted data owners may be updated as more customers request to be named in the filing. 

This breach highlights the critical importance of robust cybersecurity measures and the significant impact such attacks can have on both individuals and large financial institutions. The LockBit ransomware attack on IMS serves as a stark reminder of the vulnerabilities within the digital infrastructure of major corporations and the far-reaching consequences of data breaches.
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Third-party breach
America Data Breach Fidelity IMS Third-party breach

Fidelity Faces Second Data Breach Linked to Third-Party Provider: Infosys McCamish

 

Fidelity Investments Life Insurance Company (FILI) faces another data breach challenge as it discloses a breach affecting a significant number of individuals. The breach, linked to third-party service provider Infosys McCamish (IMS), heightens worries over data security in today's digital landscape. 

Approximately 28,268 individuals have been notified by Fidelity regarding the breach. Although IMS could not pinpoint the exact data accessed, it is suspected to include sensitive information like names, Social Security numbers, states of residence, bank account and routing numbers, and dates of birth. 

This unfortunate incident marks the second instance this year alone where Fidelity has had to inform customers of data compromise due to a third-party breach involving IMS. Last month, Bank of America faced a similar ordeal following a ransomware attack on IMS, affecting over 57,000 customers. 

Remarkably, the data accessed in both breaches appears to be of a similar nature, prompting concerns over the underlying vulnerability in IMS's systems. As investigations into the breach continue, questions loom over whether IMS's woes are linked to the same cyber incident. 

What exactly is a third-party data breach? 

Essentially, it occurs when a vendor or supplier's system is compromised, resulting in the theft of data belonging to you or your organization. This means that even though you may have entrusted your data to a third party for various services or goods, their system becomes a target for cybercriminals. 

But who exactly are these third parties? 

They are organizations with which your company has established a business relationship to provide goods, access, or services for your use. These critical third parties often require access to sensitive data to fulfil their services, thereby increasing your company's attack surface. 

Why is this a cause for concern? 

Well, when a critical third party experiences a breach, it can have severe repercussions for your organization. Not only does it compromise the security of your data, but it also exposes you to significant risks. This underscores the importance of thoroughly vetting and monitoring third-party vendors to mitigate potential security threats. 

In essence, understanding third-party data breaches is crucial for safeguarding your organization's data and reputation. By implementing robust security measures and carefully managing your business relationships, you can better protect yourself against the risks posed by third-party breaches. 

Now Little Information Regarding Fidelity Company 

Fidelity Investments, headquartered in Boston, Massachusetts, has been a powerhouse in the financial services sector since its founding in 1946. Boasting $4.3 trillion in assets under management and $10.3 trillion under administration as of December 2022, Fidelity is globally recognized as one of the largest asset managers. Offering a comprehensive suite of financial solutions, including brokerage services, mutual funds management, investment advice, retirement planning, wealth management, and life insurance, Fidelity caters to a wide range of clients, from individual investors to institutional entities. 

Despite its robust security measures, the company has encountered cybersecurity challenges in the form of occasional breaches, impacting its operations and raising concerns about the security of customer data.
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