FinTech Bank, Evolve Bancorp, Struck by Major Ransomware Attack. | CybSec Wizard

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TLDR:

Evolve Bancorp was hit by a major ransomware attack by the LockBit group.
The attack resulted in the release of sensitive customer data, including SSNs and card PANs.

Evolve Bancorp, a U.S. financial institution and banking partner of FinTech Synapse, was targeted in a ransomware attack by the LockBit group. The hackers claimed to have stolen 33 terabytes of sensitive banking information, including Americans’ banking secrets, from the U.S. Federal Reserve. After ransom demands were not met, the group released a large cache of files containing end user PII, such as SSNs and card PANs. This incident comes shortly after Evolve and its subsidiary received a “cease and desist” order from the Federal Reserve Board for IT security deficiencies. The bank partners with various FinTechs, highlighting the importance of back-office focus and compliance in the digital age.

LockBit, which has a history of ransomware incidents, has been responsible for a significant portion of global ransomware attacks. The FBI reported a 74% increase in financial damages due to ransomware attacks in 2023, with recent attacks targeting companies like Change Healthcare and Snowflake. The cyber landscape continues to evolve, making it crucial for businesses to prioritize cyber hygiene and protect against data breaches.

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Adrian Johnson

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