Charles Schwab Corporation Details

Charles Schwab Corporation

Westlake, Texas • employees • Financial Services

Industry

Financial Services

Security Incidents

The Charles Schwab Corporation is an American multinational financial services company. It offers banking, commercial banking, investing and related services including consulting, and wealth management advisory services to both retail and institutional clients.

Security Incidents

Charles Schwab Corporation Breach of Aug 2023

Severity Score

Low

Type

Unknown

Summary

In August 2023, a security incident involving MOVEit Transfer, a software application used by TD Ameritrade, a Charles Schwab affiliate, was reported. Cybercriminals hacked MOVEit Transfer to steal electronic files, leading to concerns about data security. The breach impacted approximately 61,000 TD Ameritrade customers, exposing sensitive information like Social Security numbers and financial account details. Charles Schwab Corporation and TD Ameritrade faced a lawsuit alleging negligence in cybersecurity protections that could have prevented the data breach. Despite efforts to investigate th...
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Severity

The breach was severe as an international group of cyber criminals hacked MOVEit Transfer, a software application historically used by TD Ameritrade, Inc., a Charles Schwab & Co., Inc. affiliate, to steal electronic files. The Cybersecurity and Infrastructure Security Agency (CISA) identified CLOP ransomware as the culprit behind the data breaches, encrypting saved files with the ".Clop" extension.

Impact

The breach impacted tens of thousands of clients, with approximately 61,000 TD Ameritrade customers having their Social Security numbers, financial account information, and other sensitive data exfiltrated. The MOVEit cyberattack also affected other companies like 1st Source Bank, Deutsche Bank, British Airways, and more, raising concerns about data security across multiple organizations.