Arkansas-based Evolve Bank & Trust recently revealed they were targeted in a cyberattack that exposed the personal data of over 7.6 million customers, including personal banking clients and employees. The leaked information includes names, Social Security numbers, bank account details, and contact information. This breach has caused major concern in the financial technology sector, affecting numerous companies dependent on Evolve’s banking services.

The LockBit ransomware gang, known for global cyberattacks, has claimed responsibility, displaying Evolve’s data on their dark web blog.

The first signs of trouble appeared in late May when Evolve noticed system malfunctions, initially thought to be hardware issues. However, unauthorized activities were eventually confirmed, prompting the bank to activate its incident response protocols. Evolve has since secured its systems to prevent further unauthorized access.

Why It Matters: Evolve Bank & Trust is the latest victim in a series of hacks by the Lockbit Ransomware Gang. This attack highlights the profound ripple effect cyberattacks can have on today’s globally connected businesses, with far-reaching implications for Evolve’s business partners, including major corporations like Wise and Mercury. As large-scale cyberattacks become more frequent, business leaders and security executives can better prepare and defend themselves from threat actors by thoroughly evaluating the cybersecurity protocols of their business partners to mitigate risks and protect sensitive data.

• Impact on Partners: Several companies that partner with Evolve, including Wise and Mercury, have reported being affected by the breach. Wise confirmed that some customer data was exposed, although critical identification documents were not compromised. Mercury reported that business owner names and emails were among the affected data.

• Evolve’s Assurance: Evolve Bank & Trust stated that there is no evidence that customer funds were accessed during the breach. They are notifying any affected customers and offering 24 months of credit monitoring and identity theft protection services to help mitigate any fraud or identity theft as a result of this attack.

• LockBit’s Activities: The LockBit gang has been linked to over 1,400 attacks globally. Despite a major setback from Operation Cronos earlier this year, the group continues to operate, launching new attacks and maintaining a presence on the dark web.

Go Deeper -> Evolve Hack Impacts 7.6M People, Including Wise Customers – CyberNews

Evolve Bank Says Ransomware Gang Stole Personal Data on Millions of Customers – Tech Crunch

Evolve Bank & Trust Reveals 7M Impacted in LockBit Breach – Dark Reading