Truist Bank Data Breach Confirmed After Data Shows Up on Hacking Forums

Written by Gabby Lee

June 25, 2024

Truist Bank Data Breach Confirmed After Data Shows Up on Hacking Forums

Truist Bank Confirms Cyberattack After Stolen Data Surfaces Online

Truist Bank, one of the largest commercial banks in the United States, recently confirmed that it had experienced a cybersecurity attack in October 2023 after a cybercriminal claiming to be in possession of some of the company’s sensitive data posted it for sale online.

Formed in 2019 following the merger between SunTrust Banks and BB&T, Truist is a top 10 bank with over $535 billion in total assets and provides a wide range of banking and financial services to consumers and businesses. However, it now joins the growing list of major financial institutions to have fallen victim to a serious data breach.

Stolen Data Surfaces on Hacking Forum

According to reports from cybersecurity intelligence firm DarkTracer, a hacker using the online alias “Sp1d3r” was attempting to sell what they claimed was data stolen from Truist Bank on an underground hacking forum. The stolen information was alleged to contain details of 65,000 bank employees, including names, as well as transaction records including account numbers, balances and internally used source code for funds transfers.

Bank Confirms Security Incident

When contacted by news outlet BleepingComputer for comment on the matter, a Truist Bank spokesperson acknowledged that the company had “experienced a cybersecurity incident that was quickly contained” last October. They noted that an investigation was conducted with external security consultants and additional security measures implemented.

The spokesperson stated “In partnership with outside security consultants, we conducted a thorough investigation, took additional measures to secure our systems, and notified a small number of clients last Fall.”

Truist Bank Data Breach Sees No Evidence of Fraud or Link to Snowflake Data Breach

Truist insisted that its investigation found no links to any previous incidents, such as the ongoing Snowflake account takeovers affecting multiple large companies.

The spokesperson clarified “That incident is not linked to Snowflake. To be clear, we have found no evidence of a Snowflake incident at our company.” They also stated that “We have found no indication of fraud arising from this incident at this time.”

While initially only a small number of customers had been notified about the security breach in October 2023, the bank spokesperson revealed “Based on new information from the ongoing investigation of the October 2023 incident, we have notified additional clients.”

They affirmed the company’s commitment to the security and privacy of client data, working closely with law enforcement and outside experts.

The cyberattack on Truist Bank highlights the ongoing risks faced by even large, well-resourced companies. It serves as an important reminder for all businesses to have robust security precautions and incident response plans in place.

When sensitive data is impacted, transparency with clients and authorities is vital. Truist’s acknowledgement of the incident, investigation process and commitment to ongoing security reinforce the need for open communication following a breach.

With cybercriminals frequently targeting sensitive financial and personal details, banks must ensure systems and client data are protected by the strongest available security controls. Regular monitoring and testing helps detect compromises early before data can be exploited or accessed by malicious third-parties.

This high-profile attack shows that organizations of any size can become targets. Prioritizing cybersecurity awareness among all employees also plays a crucial preventative role. With cyberthreats constantly evolving, continued vigilance and preparation are key to building resilience.

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