The Bank of NY Mellon - The Largest Custodian Bank Globally - Was Just Breached, Losing Consumer Data
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- By Steven
- Published: Jun 21, 2023
- Last Updated: Jun 21, 2023
The Bank of NY Mellon is one of the largest financial institutions in the world and the largest custodian bank in the world. The company is based in 35 countries, manages $1.9 Trillion in assets, and generates more than $16 Billion in annual revenue. This mammoth bank just suffered from a data breach that exposed consumer data to the public. The data taken could result in identity theft issues and more. The Emerson Law Firm is currently investigating this data breach.
How Did the Attack Occur?
While it's unclear what attack strategy was used, third-party attackers broke into the Bank of NY Mellon data files and captured consumer data to use in attacks. The data taken was removed from the servers and could be stored for reuse. The bank filed an official notice in May of 2023 after an investigation of the breach was complete, and that's when the issue became public knowledge.
What Information Was Viewed or Stolen?
While we don't know about every piece of data taken, we know personal information was stolen in this breach. That means that Social Security Numbers and full names were taken. It's likely that additional data was removed as well, but we don't know if any financial data was involved in this breach.
How Did the Bank of NY Mellon Admit to the Breach?
The NY Bank filed a notice with the Massachusetts Attorney General on May 13, 2023. This was the first time the public became aware of this breach. The office also began sending out personalized letters to all the individuals with information involved in this breach. The bank presumably sent out information about this breach after thoroughly investigating the matter. It's likely that cybersecurity experts looked through the breach information and determined that personal data was involved.
What Will Become of the Stolen Information?
It's impossible to predict how the attackers that hit NY Mellon will utilize the stolen data. We suspect they will leverage it in identity theft attacks and perhaps use some of the information to launch phishing campaigns as well in an effort to gather more useful information. If you receive a notice about this breach, you should take immediate action to protect yourself to avoid future issues with your credit and perhaps with your finances as well.
What Should Affected Parties Do in the Aftermath of the Breach?
The minute you see a notice about this breach with your name on it, you should invest in credit monitoring services to track what's happening with your credit. You should also consider putting a freeze on your credit. Apart from those actions, you should be careful to avoid providing information to anyone you aren't familiar with over the phone, through SMS, or via email. If you're careful to avoid giving out more information, you should be able to protect yourself using the actions described above.
