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Security gurus talk Bank of America break-in

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A recent data breach at Bank of America has led to the exposure of customer data and has prompted discussions among security experts regarding the protection of customer data in the financial sector. The breach occurred when a service provider, Infosys McCamish Systems (IMS), was hacked, resulting in the unauthorized access of systems and the exposure of personally identifiable information such as names, addresses, and Social Security numbers. Financial data, including account and credit card numbers, may also have been leaked.

The Bank of America has not yet disclosed the total number of affected users, but a letter filed with the Attorney General of Maine stated that 57,028 individuals were impacted. The incident highlights the need for better safeguards to protect customer data.

Security experts have weighed in on the breach and have discussed strategies for improving the security of customer data in financial institutions and other organizations:

  • Al Lakhani, CEO of IDEE, emphasizes the importance of protecting the supply chain and recommends the use of next-generation multi-factor authentication solutions to prevent credential phishing attacks.
  • Oz Alashe MBE, CEO of CybSafe, emphasizes the interconnectedness of the financial services sector and the reliance on third-party organizations for data security. He suggests moving beyond compliance and tick-box exercises to foster a security-conscious culture.
  • Ray Kelly, Fellow at Synopsys Software Integrity Group, underscores the prevalence of third-party breaches and the need to establish trust between organizations to protect consumers’ private information.
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