[US] Pacific City Bank confirms ransomware attack

[US] Pacific City Bank confirms ransomware attack
18 Oct 2021

Pacific City Bank (PCB), one of America’s largest Korean American banks, has confirmed that it was the victim of a ransomware attack, IT Pro reports.

The bank has informed customers about a security breach it identified on August 30, 2021. PCB claims it dealt with the breach immediately.

In a statement, the bank said, “PCB responded promptly to disable the activity, investigate its source and monitor PCB’s network. PCB subsequently became aware of claims that it had been the target of a ransomware attack. On September 7, 2021, PCB determined that an external actor had illegally accessed and/or acquired certain data on its network.”

Pacific City Bank added that it has been working with third-party forensic investigators to understand the nature and scope of the incident and to determine what information may have been accessed and/or acquired and identify who may have been impacted.

Investigations revealed that this incident impacted certain files containing certain PCB customer information. These files reportedly contained documents related to loan applications, such as tax returns, Form W-2 information about employees, and payroll records. The bank told affected customers that their information was included as part of the supporting documentation of their employer’s loan application. 

The bank said that personal information impacted may include some or all the following personal information: a customer’s name, address, Social Security Number, wage and/or tax information.

It is not yet known how many of PCB’s customers have been affected by the breach, which the company confirmed has been reported to the appropriate law enforcement authorities.

“As part of our ongoing commitment to ensuring the security of information in our care, we have conducted a thorough investigation into this incident and are continuing to monitor our systems’ security. In addition, we are working to review our existing policies and procedures, including our information security plan, to evaluate additional measures and safeguards to protect against this type of incident in the future,” PCB said.

The bank is also offering customers free credit monitoring services for a year as well as identity theft protection. Customers can also request a “security freeze” on the credit file by sending a request in by writing.


Source: IT Pro

Pacific City Bank (PCB), one of America’s largest Korean American banks, has confirmed that it was the victim of a ransomware attack, IT Pro reports.

The bank has informed customers about a security breach it identified on August 30, 2021. PCB claims it dealt with the breach immediately.

In a statement, the bank said, “PCB responded promptly to disable the activity, investigate its source and monitor PCB’s network. PCB subsequently became aware of claims that it had been the target of a ransomware attack. On September 7, 2021, PCB determined that an external actor had illegally accessed and/or acquired certain data on its network.”

Pacific City Bank added that it has been working with third-party forensic investigators to understand the nature and scope of the incident and to determine what information may have been accessed and/or acquired and identify who may have been impacted.

Investigations revealed that this incident impacted certain files containing certain PCB customer information. These files reportedly contained documents related to loan applications, such as tax returns, Form W-2 information about employees, and payroll records. The bank told affected customers that their information was included as part of the supporting documentation of their employer’s loan application. 

The bank said that personal information impacted may include some or all the following personal information: a customer’s name, address, Social Security Number, wage and/or tax information.

It is not yet known how many of PCB’s customers have been affected by the breach, which the company confirmed has been reported to the appropriate law enforcement authorities.

“As part of our ongoing commitment to ensuring the security of information in our care, we have conducted a thorough investigation into this incident and are continuing to monitor our systems’ security. In addition, we are working to review our existing policies and procedures, including our information security plan, to evaluate additional measures and safeguards to protect against this type of incident in the future,” PCB said.

The bank is also offering customers free credit monitoring services for a year as well as identity theft protection. Customers can also request a “security freeze” on the credit file by sending a request in by writing.


Source: IT Pro