BofA, Fidelity hit by vendor behind third-party data breaches

TLDR:

• Fidelity Investments Life Insurance Company (FILI) notified nearly 30,000 individuals of a data breach.
• Third-party service provider Infosys McCamish (IMS) was responsible for the breach.

Article Summary:

Fidelity Investments Life Insurance Company (FILI) has reported a data breach affecting approximately 28,000 individuals due to a cyber incident at third-party service provider Infosys McCamish (IMS). The breach, which occurred between Oct. 29 and Nov. 2, led to unauthorized access to sensitive information such as names, Social Security numbers, bank account details, and more. This incident marks the second time IMS has been linked to a breach this year, following a similar breach at Bank of America.

The ongoing challenge of third-party breaches highlights the increasing frequency and impact of such incidents on enterprises. Jeff Margolies, chief product and strategy officer at Saviynt, emphasizes the importance for enterprises to enhance their capabilities in managing and governing third-party access to secure critical data effectively.

Fidelity is taking steps to address the breach by offering 24 months of credit monitoring to affected individuals and urging them to review their financial statements for suspicious activities. As investigations continue, Fidelity engages with IMS to identify the extent of the breach and strengthen security measures moving forward.