Singapore’s DBS Bank and the Bank of China’s Singapore branch experienced a data breach impacting thousands of customers. The breach stemmed from a ransomware attack on Toppan Next Tech, a printing services provider used by both banks. Importantly, neither bank’s systems were compromised, and customer funds remain secure.
Details of the Data Breach
The ransomware attack on Toppan Next Tech resulted in the compromise of customer data. DBS reported approximately 8,200 customers potentially affected, primarily users of DBS Vickers brokerage and Cashline short-term loans. The Bank of China Singapore branch indicated around 3,000 customers were impacted.
The compromised data, contained within statements and letters printed by Toppan between December 2024 and February 2025, included names, postal addresses, and information on equities held (DBS Vickers) or Cashline loans. Crucially, login credentials, passwords, deposit balances, and total holdings were not compromised, according to DBS. DBS stated that statements were sent to Toppan as encrypted files, and it remains unclear whether the attackers decrypted them. The Bank of China confirmed that compromised data potentially included names, addresses, and, in some cases, loan account numbers.
Both banks have intensified security monitoring and are contacting affected customers. The Cyber Security Agency of Singapore (CSA) and the Monetary Authority of Singapore (MAS) are collaborating with the banks on the incident. DBS was notified of the breach on April 5th. Toppan acknowledged the ransomware attack on its Joo Koon Circle facility, stating they immediately severed the attacker’s network access and are conducting a forensic investigation and security audit.
Impact and Response
DBS emphasized that there’s currently no evidence of unauthorized transactions resulting from the incident. The affected customers primarily used DBS Vickers and Cashline services. The Bank of China’s statement mirrored the emphasis on customer fund safety and proactive measures to address the situation. Both banks highlighted their cooperation with Singaporean authorities. Toppan, the printing services provider, confirmed the ransomware attack and their swift response to contain the breach.
