Reports from cybersecurity firms, news articles

LockBit Breach at Evolve Bank Exposes 33TB of Sensitive Data, Impacting Fintech Startups

Jul 1, 2024, 05:20 PM

Evolve Bank and Trust, a financial institution popular with fintech startups, has disclosed a significant data breach attributed to the LockBit ransomware group. The breach, which occurred in late May but was only publicly acknowledged last week, exposed 33 terabytes of sensitive data, including personally identifiable information (PII) such as names, addresses, dates of birth, contact details, Social Security numbers, and Employer Identification Numbers. The breach has impacted several fintech companies, including Wise, Affirm, and Mercury, which are currently assessing the extent of the damage to their customers. The stolen data has reportedly been released by LockBit, raising concerns about the long-term implications for Evolve Bank's partners and customers. Despite the severity of the breach, some affected companies have only recently been notified, leading to criticism of Evolve Bank's handling of the incident. The breach affected 155,586 accounts, including Bitfinex users.