Evolve Bank Data Breach: 7.6 Million Individuals’ Data Exposed

Evolve Bank & Trust, a prominent financial services institution, has confirmed a data breach that has compromised the personal information of over 7.6 million individuals.

The breach, which occurred on February 9, 2024, was discovered by the office of the Maine Attorney General’s report on May 29, 2024, and has raised serious concerns about cybersecurity within the financial sector.

EHA

Details of the Breach

The breach was identified as an external system hack, exposing sensitive personal information, including names and other personal identifiers.

The breach has affected a total of 7,640,112 individuals, with 20,970 of those being residents of Maine.

Given the scale of the breach, consumer reporting agencies have been notified as required by law.

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Joseph Santiesteban, a partner at Orrick, Herrington & Sutcliffe LLP, and counsel to Evolve Bank & Trust, submitted the breach report.

The bank has initiated electronic notifications to the affected individuals, starting on July 8, 2024.

A copy of the notice sent to Maine residents is available in the document titled “U.S.Individual_Notice___Template(07_08_24).pdf.”

Response and Protection Measures

In response to the breach, Evolve Bank & Trust is offering identity theft protection services through TransUnion.

Affected individuals will receive 24 months of credit monitoring and identity protection services.

This measure aims to mitigate potential risks and provide some peace of mind to those impacted by the breach.

The bank has also emphasized its commitment to enhancing its cybersecurity measures to prevent future incidents.

“We are taking this breach very seriously and are working diligently to ensure the security of our systems and the safety of our customers’ information,” stated a spokesperson for Evolve Bank & Trust.

The breach at Evolve Bank & Trust highlights the growing threat of cyberattacks on financial institutions.

As hackers become more sophisticated, the need for robust cybersecurity measures becomes increasingly critical.

This incident serves as a stark reminder of the vulnerabilities that exist and the importance of proactive measures to protect sensitive data.

Affected individuals are advised to remain vigilant and monitor their financial accounts for any unusual activity.

Evolve Bank & Trust has assured its customers that it will continue to provide updates and support as the situation evolves.

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Divya is a Senior Journalist at Cyber Security news covering Cyber Attacks, Threats, Breaches, Vulnerabilities and other happenings in the cyber world.