Ingalls & Snyder, LLC, Faces Data Breach Situation

Investment broker, dealer, and advisor Ingalls & Snyder, LLC, comes from New York City, NY. They employ just under 100 people and generate approximately $17M annually while managing about $8B in financial assets. Unfortunately, they also suffered from a recent data breach that left many people with sensitive information exposed to dangerous individuals. No one is sure exactly how this breach started, but the information the hacker was able to access could result in problems with fraud and identity theft in the near future. 

How Did the Attack Occur?

Right around Halloween 2022, the network for Ingalls & Snyder, LLC was breached by an unauthorized individual or group. The company immediately secured its network and started reviewing files to see what types of data the hacker had access to. What their investigation determined was that a lot of sensitive data was in the files the hacker accessed. It is not yet clear if the company had proper safety protocols in place or not. However, they are currently filing the right paperwork and confirming the problem by sending out letters to anyone who may be impacted by this data breach. 

What Information Was Viewed or Stolen?

Unfortunately, the information exposed to the hacker is extensive, meaning it could easily lead to many different types of fraud or to identity theft. The information the hacker was able to look at and steal includes: 

• Full names
• Dates of birth
• Account number for Ingalls & Snyder
• Social security numbers
• Driver’s license photos
• Financial account information

There may be other data revealed as more investigations are conducted. However, currently, this is the list of everything hackers viewed and presumably took. 

How Did Ingalls & Snyder, LLC Admit to the Breach?

The first indication of the breach came when Ingalls & Snyder, LLC filed a notification report with the Attorney General of Vermont. They said an unauthorized party or individual bypassed their security and accessed the client information within their network. The next indication was the letters they sent out to clients and customers, explaining they were breached and giving them tips on how to try and remain safe from fraud or identity theft due to the compromised information. 

What Will Become of the Stolen Information?

Hackers can do a wide variety of things with this type of sensitive information. Unfortunately, one of the most common is identity theft. They put together a digital picture of an individual’s life and basically become them online. They can use the name, date of birth, and driver’s license photo to recreate someone’s license or photo ID, which could then help them gain access to more aspects of that individual’s life. They may take out lines of credit in that person’s name, or they may even drain the accounts, leaving these investors without their hard-earned money. The possibilities are quite varied. 

What Should Affected Parties Do in the Aftermath of the Breach?

Protecting your data needs to be your first priority after any type of data breach. You want to change any password that may be affected, put a freeze or a fraud alert on your credit report, and invest in some type of identity monitoring services. That way, should any of these hackers try and use your data, you get an instant notification and can take steps to stop them.