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Bank of America Data Breach: Sensitive information of Bank customers hacked


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In November 2023, there was a breach at Infosys McCamish Systems, an IT consulting and service provider. This breach has now been confirmed to have affected customers of Bank of America.

The Bank of America Corporation is an American multinational investment bank and financial services holding company headquartered at the Bank of America Corporate Center in Charlotte, North Carolina, with investment banking and auxiliary headquarters in Manhattan. The bank was founded in San Francisco, California. It is the second-largest banking institution in the United States, after JPMorgan Chase, and the second-largest bank in the world by market capitalization. Bank of America is one of the Big Four banking institutions of the United States.

Impact on Bank of America Customers

The breach compromised sensitive information of Bank of America customers, including social security numbers, account numbers, dates of birth, and addresses. The exact number of affected customers has not been officially disclosed. However, reports suggest it exceeds 57,000, according to a notification letter filed by IMS with the Attorney General of Maine.

Breach Details

Hackers gained access to IMS systems on November 3, 2023, as mentioned in the breach notification.

Insights from Experts

Oz Alashe MBE, CEO of CybSafe: Alashe emphasizes the growing interconnectedness of financial services due to digitization. He highlights the reliance on third-party organizations for customer data management. He suggests that cybersecurity is not just an internal concern but involves a network of organizations including IT vendors, payment providers, and cloud services. Financial institutions and their partners need to prioritize active security measures beyond mere compliance.

Al Lakhani, CEO and Founder of IDEE: Lakhani stresses the importance of securing the supply chain to prevent such attacks. He recommends the adoption of next-generation Multi-Factor Authentication (MFA) solutions to safeguard against various types of cyber threats including credential theft, phishing, and password-based attacks. He specifically mentions the need for same-device MFA to counter adversary-in-the-middle attacks effectively.

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