Valley National Bank Data Breach: What & How It Happened?
Twingate Team
•
Jun 20, 2024
In August 2023, Valley National Bank experienced a data breach that impacted thousands of individuals. The breach involved sensitive personal identifiable information, including names and Social Security numbers. The incident was part of a larger breach affecting customers of Umpqua Bank and Sound Community Bank as well, due to a third-party security incident involving MOVEit Transfer software.
How many accounts were compromised?
The breach impacted data related to approximately 873,000 individuals.
What data was leaked?
The data exposed in the breach included names, Social Security numbers, and addresses.
How was Valley National Bank hacked?
The data breach occurred due to a third-party security incident involving a vulnerability in the MOVEit Transfer software, a file transfer program provided by Progress Software. Upon detection, Fidelity & Guaranty Life Insurance Co. (F&G) suspended the use of MOVEit Transfer and patched their servers. The exact methods used by the hackers to exploit the vulnerability remain unclear.
Valley National Bank's solution
In response to the hack, Valley National Bank took several measures to secure its platform and prevent future incidents. This included implementing advanced encryption techniques to safeguard customer data, introducing multi-factor authentication for online banking, and conducting regular security audits to identify and address any vulnerabilities. The bank also partnered with leading cybersecurity firms to ensure the highest level of protection. Upon discovering the breach, Valley National Bank promptly launched an investigation to determine the extent of the incident and identify the affected customers, taking steps to mitigate the impact of the breach and protect their accounts from unauthorized access.
How do I know if I was affected?
Valley National Bank reached out to affected users following the data breach. If you are a Valley National Bank customer and have not received a notification, you can visit Have I Been Pwned to check if your credentials were affected.
What should affected users do?
In general, affected users should:
Change Your Passwords: Immediately update your passwords for all affected accounts. Make sure the new passwords are strong and unique, not previously used on any other platform.
Reset Passwords for Other Accounts: If you've used the same or similar passwords for other online accounts, reset those as well. This is crucial as attackers often try using stolen passwords on multiple sites.
Enable Two-Factor Authentication (2FA): Activate 2FA on all affected accounts. Consider enabling this additional security feature on all other important online accounts to significantly reduce the risk of unauthorized access.
Monitor Your Accounts: Keep a close eye on your accounts for any suspicious activity. Report any unauthorized transactions or changes to your account information immediately.
Where can I go to learn more?
If you want to find more information on the Valley National Bank data breach, check out the following news articles:
Rapidly implement a modern Zero Trust network that is more secure and maintainable than VPNs.
Valley National Bank Data Breach: What & How It Happened?
Twingate Team
•
Jun 20, 2024
In August 2023, Valley National Bank experienced a data breach that impacted thousands of individuals. The breach involved sensitive personal identifiable information, including names and Social Security numbers. The incident was part of a larger breach affecting customers of Umpqua Bank and Sound Community Bank as well, due to a third-party security incident involving MOVEit Transfer software.
How many accounts were compromised?
The breach impacted data related to approximately 873,000 individuals.
What data was leaked?
The data exposed in the breach included names, Social Security numbers, and addresses.
How was Valley National Bank hacked?
The data breach occurred due to a third-party security incident involving a vulnerability in the MOVEit Transfer software, a file transfer program provided by Progress Software. Upon detection, Fidelity & Guaranty Life Insurance Co. (F&G) suspended the use of MOVEit Transfer and patched their servers. The exact methods used by the hackers to exploit the vulnerability remain unclear.
Valley National Bank's solution
In response to the hack, Valley National Bank took several measures to secure its platform and prevent future incidents. This included implementing advanced encryption techniques to safeguard customer data, introducing multi-factor authentication for online banking, and conducting regular security audits to identify and address any vulnerabilities. The bank also partnered with leading cybersecurity firms to ensure the highest level of protection. Upon discovering the breach, Valley National Bank promptly launched an investigation to determine the extent of the incident and identify the affected customers, taking steps to mitigate the impact of the breach and protect their accounts from unauthorized access.
How do I know if I was affected?
Valley National Bank reached out to affected users following the data breach. If you are a Valley National Bank customer and have not received a notification, you can visit Have I Been Pwned to check if your credentials were affected.
What should affected users do?
In general, affected users should:
Change Your Passwords: Immediately update your passwords for all affected accounts. Make sure the new passwords are strong and unique, not previously used on any other platform.
Reset Passwords for Other Accounts: If you've used the same or similar passwords for other online accounts, reset those as well. This is crucial as attackers often try using stolen passwords on multiple sites.
Enable Two-Factor Authentication (2FA): Activate 2FA on all affected accounts. Consider enabling this additional security feature on all other important online accounts to significantly reduce the risk of unauthorized access.
Monitor Your Accounts: Keep a close eye on your accounts for any suspicious activity. Report any unauthorized transactions or changes to your account information immediately.
Where can I go to learn more?
If you want to find more information on the Valley National Bank data breach, check out the following news articles:
Rapidly implement a modern Zero Trust network that is more secure and maintainable than VPNs.
Valley National Bank Data Breach: What & How It Happened?
Twingate Team
•
Jun 20, 2024
In August 2023, Valley National Bank experienced a data breach that impacted thousands of individuals. The breach involved sensitive personal identifiable information, including names and Social Security numbers. The incident was part of a larger breach affecting customers of Umpqua Bank and Sound Community Bank as well, due to a third-party security incident involving MOVEit Transfer software.
How many accounts were compromised?
The breach impacted data related to approximately 873,000 individuals.
What data was leaked?
The data exposed in the breach included names, Social Security numbers, and addresses.
How was Valley National Bank hacked?
The data breach occurred due to a third-party security incident involving a vulnerability in the MOVEit Transfer software, a file transfer program provided by Progress Software. Upon detection, Fidelity & Guaranty Life Insurance Co. (F&G) suspended the use of MOVEit Transfer and patched their servers. The exact methods used by the hackers to exploit the vulnerability remain unclear.
Valley National Bank's solution
In response to the hack, Valley National Bank took several measures to secure its platform and prevent future incidents. This included implementing advanced encryption techniques to safeguard customer data, introducing multi-factor authentication for online banking, and conducting regular security audits to identify and address any vulnerabilities. The bank also partnered with leading cybersecurity firms to ensure the highest level of protection. Upon discovering the breach, Valley National Bank promptly launched an investigation to determine the extent of the incident and identify the affected customers, taking steps to mitigate the impact of the breach and protect their accounts from unauthorized access.
How do I know if I was affected?
Valley National Bank reached out to affected users following the data breach. If you are a Valley National Bank customer and have not received a notification, you can visit Have I Been Pwned to check if your credentials were affected.
What should affected users do?
In general, affected users should:
Change Your Passwords: Immediately update your passwords for all affected accounts. Make sure the new passwords are strong and unique, not previously used on any other platform.
Reset Passwords for Other Accounts: If you've used the same or similar passwords for other online accounts, reset those as well. This is crucial as attackers often try using stolen passwords on multiple sites.
Enable Two-Factor Authentication (2FA): Activate 2FA on all affected accounts. Consider enabling this additional security feature on all other important online accounts to significantly reduce the risk of unauthorized access.
Monitor Your Accounts: Keep a close eye on your accounts for any suspicious activity. Report any unauthorized transactions or changes to your account information immediately.
Where can I go to learn more?
If you want to find more information on the Valley National Bank data breach, check out the following news articles:
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