1st Source Bank

Overview of the 1st Source Bank Data Breach

In July 2023, 1st Source Bank, a commercial and consumer bank, experienced a significant data breach that affected approximately 450,000 records. This breach was linked to a vulnerability in the MOVEit file transfer tool, a popular software used for secure data exchange between business partners and customers. The breach was part of a larger series of incidents affecting various organizations due to the exploitation of this vulnerability in MOVEit, developed by Progress Software Corp. The unauthorized access allowed third parties to gain access to data belonging to both commercial and individual clients of 1st Source Bank[3].

Details of the Breach

The breach was discovered and reported by 1st Source Bank in July 2023, but the actual unauthorized access occurred due to a vulnerability in the MOVEit software that was exploited by attackers. This vulnerability was publicly disclosed by Progress Software Corp shortly before the attacks took place, leading to the theft of data from the systems of several MOVEit users[3].

The compromised information included personal data of 1st Source Bank customers, such as names, birth dates, home addresses, Social Security numbers, Driver’s License numbers, and State IDs. This breach posed a significant risk of identity theft and other fraudulent activities against the affected individuals[5].

Response and Recommendations

Following the discovery of the breach, 1st Source Bank took immediate steps to secure its systems and mitigate the impact on affected clients. The bank initiated a comprehensive investigation with the help of cybersecurity experts to assess the scope and impact of the breach. Additionally, 1st Source Bank began the process of notifying affected individuals and offered them free credit monitoring services to help protect against potential identity theft[5][7].

For individuals affected by the breach, the bank and cybersecurity experts recommend several steps to safeguard personal information. These include monitoring account statements and credit reports for suspicious activity, changing passwords and security questions for online accounts, and being cautious of phishing attempts. Affected individuals were also advised to consider placing a fraud alert on their credit reports and to take advantage of the free credit monitoring services provided by the bank[1][5].

Conclusion

The data breach at 1st Source Bank serves as a reminder of the persistent threats posed by cybercriminals and the importance of robust cybersecurity measures. It highlights the need for continuous vigilance and proactive steps by both organizations and individuals to protect sensitive information against unauthorized access and misuse.

Citations:

1. https://www.1stsource.com/advice/if-youre-a-victim-of-a-data-breach/
2. https://thehackernews.com
3. https://www.reuters.com/business/finance/1st-source-says-450000-records-affected-client-data-breach-2023-07-24/
4. https://www.jdsupra.com/legalnews/bank-of-america-notifies-consumers-of-2237358/
5. https://www.idstrong.com/sentinel/1st-source-bank-suffered-data-breach/
6. https://www.ibm.com/reports/data-breach
7. https://www.prnewswire.com/news-releases/1st-source-bank-provides-notice-of-moveit-data-security-incident-301991071.html
8. https://cybernews.com/security/billions-passwords-credentials-leaked-mother-of-all-breaches/
9. https://cybernews.com/news/1stsource-bank-attack-exposes-thousands/
10. https://www.bleepingcomputer.com/news/security/bank-of-america-warns-customers-of-data-breach-after-vendor-hack/
11. https://www.abc57.com/news/1st-source-bank-reports-data-breach-exposing-social-security-numbers
12. https://www.troyhunt.com/the-773-million-record-collection-1-data-reach/
13. https://www.turkestrauss.com/2023/12/04/1st-source-bank-data-breach-investigation/
14. https://krebsonsecurity.com
15. https://ago.vermont.gov/sites/ago/files/2023-08/2023-07-14%201st%20Source%20Bank%20Data%20Breach%20Notice%20to%20Consumers.pdf
16. https://www.cbc.ca/news/politics/bank-cyber-bill-c26-1.7113089