Ransomware locks Credit Union users out of bank accounts
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This is a great example of how even the most simple decisions – like this Credit Union recently deciding to forego using MFA – can have huge implications. In early July 2024, this California-based credit union with over 450,000 members said it suffered a ransomware attack that is disrupting account services and could take weeks to recover. Patelco Credit Union CEO Erin Mendez told members that the security problem was caused by a ransomware attack. Patelco Credit Union is a nonprofit cooperative in Northern California with $9 billion in assets and 37 branches. “Our priority is the safe and secure restoration of our banking systems.” “We continue to work alongside leading third-party cybersecurity experts in support of this effort. We have also been cooperating with regulators and law enforcement.”
A Security expert said that it looked likely that hackers infiltrated the bank’s internal databases via a phishing email and encrypted its contents, locking out the bank from its own systems,” the Mercury News reported. “(It is) likely that the hackers will demand an amount of money from the credit union to restore its systems back to normal, and will continue to hold the bank’s accounts hostage until either the bank finds a way around the hack or until the hackers are paid.” Patelco hasn’t revealed details about how it will recover from the ransomware attack but acknowledged to customers that their personal information could be at risk.
In other news – check out these other recent breaches from 2022 – 2024: https://tech.co/news/data-breaches-updated-list The threat is real. Don’t let this be your company – find out how you can prevent cyber attacks by being proactive with cyber security. Learn how Vigilant IT can help your business stay protected. It’s what we do!
