Evolve Bank & Trust, a financial institution that has gained popularity among fintech startups, recently suffered a data breach. The systems were compromised in late May 2024, and there was no new unauthorized activity since May 31, 2024. The current evidence suggests that the attack was carried out by Lockbit, a notorious ransomware organization. An employee inadvertently clicked on a malicious internet link, which allowed the criminals to gain access to the bank's systems.
Despite the threat actor's attempts to extort money from Evolve Bank & Trust, the financial institution refused to pay the ransom demanded. The attackers gained access to customer information and encrypted some data within the bank's environment. However, thanks to backups available, the impact on operations was limited, and only a small amount of data was lost.
Evolve Bank & Trust is committed to protecting its customers' sensitive information and ensuring that their financial transactions are secure. The bank has taken steps to improve its security measures and prevent future attacks from occurring.
