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Financial Services Law Insights and Observations

National bank announces data breach

Privacy/Cyber Risk & Data Security Data Breach Credit Cards

Privacy, Cyber Risk & Data Security

On July 29, a national bank announced a data breach affecting approximately 100 million individuals in the United States and approximately six million in Canada. According to the announcement, the incident occurred on July 19 when an unauthorized individual obtained personal information of credit card customers and people who had applied for credit card products. The bank noted that no credit card account numbers or log-in credentials were compromised and over 99 percent of social security numbers were not compromised. The largest category of information accessed was consumer and small business information from applications submitted from 2005 through early 2019, including names, addresses, zip codes/postal codes, phone numbers, email addresses, dates of birth, and self-reported income.

Upon discovery of the breach, the bank fixed the vulnerability that allowed for the individual to gain access and worked with the federal authorities, resulting in the arrest of the person allegedly responsible. The bank will notify and make free credit monitoring and identity protection available to those affected.

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