Gairika Mitra
Hackers stole sensitive identity information, including Social Security numbers (SSNs), from over 77,000 Fidelity customers in a massive data breach.
The incident was first disclosed Wednesday when the company filed notices with Maine and New Hampshire authorities. It revealed that an unidentified third party had accessed personal information from its systems between August 17 and August 19.
Fidelity, a leading wealth management firm, confirmed that hackers had gained unauthorized access to personal information from its systems. This also includes their Social Security numbers and driver’s licenses. The breach involved two customer accounts that were created by a third party. It also allowed them to access the data of thousands of other customers.
The precise details of how the hackers gained access to Fidelity’s systems remain unclear. However, it is likely that they used phishing tactics or other social engineering techniques to trick employees into divulging sensitive information.
Fidelity has taken several steps to address the breach. It has notified affected customers, offering credit monitoring services, and providing guidance on how to protect personal information.
Fidelity Data Breach Exposes Customer Information: Cybersecurity Expert Highlights Growing Threats and the Need for Enhanced Security Measures
In another data breach notice filed with New Hampshire’s attorney general, Fidelity disclosed that a third party accessed and retrieved certain documents related to Fidelity customers and other individuals by submitting fraudulent requests to an internal database containing document images of Fidelity customers.
According to a separate notice submitted to the Massachusetts attorney general, Fidelity confirmed that the breach involved sensitive information, including customers’ Social Security numbers and driver’s licenses.
Speaking about the breach, Jason Williams, a cybersecurity professional shared his insights about the incident.
According to him, the financial sector continues to be a major target for cybercriminals, with fraud-related costs for large institutions increasing by 65% in 2023. This alarming rise reflects the ongoing vulnerabilities within the industry and the evolving tactics used by malicious actors.
He noted that firms must remain proactive in addressing potential weaknesses and adopting robust security measures.
Summing up, he shared that this incident underscores the critical need for strong account creation processes and continuous monitoring to identify and prevent unauthorized access. By implementing stringent verification protocols and regularly auditing their systems, financial institutions can better protect themselves and their customers, according to him.
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Gairika holds positions in BTC. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
