Fidelity data breach happens for the second time in this year

Fidelity, the prominent multinational financial services firm based in the United States, has recently issued a statement alerting its customers to a potential cyber attack that may have affected some of them. The breach involved unauthorized access to Fidelity’s databases by a third party for a duration of two days, specifically from August 17th to August 19th, 2024.

Preliminary investigations suggest that this incident could have compromised the personal information of approximately 77,000 customers. As inquiries progress, the firm is working diligently to assess the extent of the data that may have been exposed. It remains uncertain whether this cyber attack falls under the category of ransomware, as the investigation is ongoing, and further clarity is expected by the middle of next week.

This incident is not the first of its kind for Fidelity. Earlier this year, in March, the company faced a similar challenge when unauthorized access to the servers of Infosys McCamish, one of its technology service providers, resulted in the leak of sensitive information pertaining to about 30,000 customers. This historical context underscores the persistent threat that cyber attacks pose to financial institutions and their clients.

In response to this latest breach, Fidelity is taking proactive measures to support the affected customers. The firm is offering a complimentary credit monitoring service for a period of 24 months. Customers are advised to closely monitor their bank statements for any irregularities, as the leaked data may include sensitive information such as Social Security numbers and driver’s license details. To access the free credit monitoring service, customers are instructed to use a code that will be sent to them via USPS mail. Additionally, Fidelity is providing free identity theft protection, which will alert customers if their personal data appears on the dark web, where it may be available for sale or misuse.

Such alert systems are crucial for individuals whose data may have been compromised, as they serve as an early warning mechanism should hackers attempt to sell or exploit the stolen information. Given that this alert service will be available for two years, it is a valuable resource; after this period, the relevance of the stolen data diminishes significantly, as cyber criminals typically seek out the most recent and actionable information.

As the situation continues to develop, Fidelity remains committed to transparency and customer support, working to ensure that affected individuals have the necessary tools to protect their financial well-being in the face of these evolving cyber threats.