Private Client Services is the Latest Cyberattack Victim

  • By Steven
  • Sep 14, 2022

Private Client Services, also known as PCS, recently admitted it suffered a sizable data breach. Hackers victimized the investment advisor business in November of 2021. Let's delve into the details of the digital offensive.

Why did Hackers Target PCS?

Based in lovely Louisville, PCS is licensed for business across the entirety of the nation. The company is a broker-dealer with more than 70 affiliated offices in the United States alone. However, it took until the final week of May 2022 for Private Client Services to transmit data breach notices to those affected by the attack.

How was the Attack Performed?

The company identified suspicious activity tied to the email account of an internal employee. PCS management launched an investigation to gauge the scope of the threat. The analysis revealed that the unauthorized party entered an employee's email account between early and mid-November 2021.

How did PCS Respond to the Intrusion?

PCS worked in tandem with the FBI to analyze the threat. The two conducted an in-depth review of the compromised accounts to gauge what type of sensitive data was stored in them. The review wrapped up in late April. The analysis revealed the compromised email accounts contained information that could empower criminals to steal victims' identities to commit financial fraud or worse.

The letter PCS sent to customers potentially compromised by the attack reveals that the company's internal brass is not entirely sure how the information was viewed. They believe that the information in question was not stolen or even viewed long enough to glean valuable nuggets that could potentially cause identity theft. In short, the message sent to affected parties is that PCS is not ruling out any specific type of illegal activity, meaning the forewarning was likely transmitted for legal liability purposes.

What Type of Information was Exposed in the Attack?

The breach exposes PCS customers' full names, social security numbers, state identification numbers, and driver's license numbers. Parties who provided personal information to PCS are encouraged to protect their identity with the industry’s latest safeguards.

Affected parties are encouraged to review account statements and activate credit report monitoring that identifies nefarious activity. It is worth noting the company does not know what will occur from the data's misuse, meaning there is the potential that the hackers viewed or temporarily accessed the data yet did not use it for nefarious purposes.

How Many PCS Customers Were Impacted by the Breach?

PCS reached out to customers who might have been compromised through a detailed letter. The correspondence acknowledging the attack was sent to upwards of 33,550 people. However, only a tiny fraction of this customer group may be victimized by identity theft criminals. It is also possible that the data of more than 33,000 people were viewed yet not saved, stolen, or sold to other criminals who frequent unscrupulous online forums dedicated to trading stolen information.

About the Author
IDStrong Logo

Related Articles

Instagram Vulnerability Allowed Hackers Access to Control Your Phone

Security experts Check Point Research discovered a critical vulnerability while examining Instagra ... Read More

Alien Malware Infects More than 226 Mobile Apps and Steals Bank Data

As reported on September 24, 2020, by ZDNet and ThreatPost, a new strain of malware named “Alien ... Read More

Universal Health Systems Hit by Ransomware Attack

Universal Health Systems (UHS), a Fortune 500 company owning more than 400 hospitals across the co ... Read More

Exchange Server Bug Exposes a Big Risk to Hackers

Months after Microsoft released a patch to fix a serious flaw in MS Exchange Server, more than 61% ... Read More

Clients’ Bank Data Exposed in Blackbaud Ransomware Attack

Blackbaud software was victim to a ransomware attack last May, and new information suggests that c ... Read More

Latest Articles

Nelnet Data Breach Impacts 2.5 Million Students

Nelnet Data Breach Impacts 2.5 Million Students

Nelnet is a student loan service based out of Lincoln, Nebraska. Recently, it suffered a data breach that revealed the personal information of over 2.

Facebook has Been Receiving a Plethora of Medical Information

Facebook has Been Receiving a Plethora of Medical Information

In early June of 2022, the nonprofit news reporter The Markup discovered that an ad-based service, Meta Pixel, was being used by 33 of the top 100 hospitals in the US. Meta is now being sued for allegedly sending sensitive medical information to Facebook, along with two of the involved hospitals.

What is the Geek Squad Email Scam and How to Avoid It

What is the Geek Squad Email Scam and How to Avoid It

Computers are, arguably, one of the most essential items necessary for life in modernity. Through them, not only can we be entertained, but we can be informed or critiqued.

Featured Articles

How to Buy a House with Bad Credit

How to Buy a House with Bad Credit

Buying your own home is the American Dream, but it might seem out of reach to those with bad credit. However, the good news is, if your credit is less than perfect, you do still have options and in most cases, can still buy a home.

How Secure Is Your Password? Tips to Improve Your Password Security

How Secure Is Your Password? Tips to Improve Your Password Security

Any good IT article on computers and network security will address the importance of strong, secure passwords. However, the challenge of good passwords is that most people have a hard time remembering them, so they use simple or obvious ones that pose a security risk.

Top 10 Senior Scams and How to Prevent Them

Top 10 Senior Scams and How to Prevent Them

Senior scams are becoming a major epidemic for two reasons. First, seniors often have a lot of money in the bank from a life of working hard and saving.

Free Identity Threat Scan
Instantly Check if Your Personal Information is Exposed
All fields below are required
Please enter first name
Please enter last name
Please enter a city
Please select a state
Please enter an email address
Close