Evolve Bank Data Breach Confirmed After LockBit Ransomware Attack

Written by Mitchell Langley

June 27, 2024

Evolve Bank Data Breach Confirmed After LockBit Ransomware Attack

Russian hacking group LockBit ransomware claims responsibility for Evolve Bank breach exposing customer data

Evolve Bank & Trust has confirmed that it fell victim to a cyberattack conducted by the notorious Russian ransomware group LockBit, resulting in a major data breach.

In a statement, the financial institution revealed that cybercriminals illegally obtained sensitive customer information from its systems and published the stolen data on the dark web.

The breach reportedly stems from a ransomware attack carried out by LockBit, which is known for high-profile intrusions targeting organizations across various industries.

The hacking collective allegedly encrypted files on Evolve Bank’s networks and demanded a ransom payment in cryptocurrency to decrypt the data. When their monetary demands went unmet, LockBit retaliated by leaking over 33 terabytes of compromised data allegedly containing Federal Reserve records.

The stolen information published online includes personal identification details such as names, Social Security Numbers, dates of birth, account credentials and other personal financial records of both retail banking customers as well as clients of Evolve’s fintech partners.

Evolve Bank confirmed that debit cards and digital banking credentials were unaffected by the breach and remain secure. However, the incident highlights concerning gaps in the company’s cyber defenses that had been previously flagged by regulators.

“Evolve is currently investigating a cybersecurity incident involving a known cybercriminal organization that appears to have illegally obtained and released on the dark web the data and personal information of some Evolve retail bank customers and financial technology partners’ customers (end users),” the bank said in an official statement.

In response to the massive Lockbit Ransomware breach, Evolve Bank is actively notifying affected individuals and offering complimentary credit monitoring services. The financial institution is fully cooperating with law enforcement in their investigation into the attack.

They have also reaffirmed that the issue has been contained with no ongoing security risks. However, customers are advised to closely monitor their accounts and immediately report any suspicious activity.

This high-profile Evolve Bank data breach marks another successful intrusion by the Lockbit cybercrime group. As one of the most prolific ransomware operators, Lockbit has compromised numerous organizations worldwide through sophisticated hacking techniques and double extortion methods involving stolen data leaks.

The incident underscores the need for financial institutions like Evolve Bank to urgently strengthen their cybersecurity posture in line with regulatory requirements to better protect sensitive customer information.

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