Evolve Bank & Trust Details

Evolve Bank & Trust

Memphis, Tennessee • 500 employees • Financial services

https://www.getevolved.com/

Industry

Financial services

Security Incidents

Evolve Bank & Trust is a full-service financial services organization based in the United States. It provides a wide range of services including retail banking, mortgage banking, trust services, insurance, and investment services. Evolve was founded in 1925, and over the years, it has grown significantly, expanding its services and operations to meet the diverse financial needs of its clients. The bank is particularly well-known for its innovation in the financial technology space, often partnering with fintech companies to offer cutting-edge banking solutions.

Security Incidents

Evolve Bank & Trust Breach of Jun 2024

Severity Score

Moderate

Type

Data Breach

Summary

LockBit ransomware group initially claimed to have breached the US Federal Reserve but later revealed data pointing toward Evolve Bank & Trust instead. On June 23, LockBit's website alleged possession of 33 TB of Federal Reserve data, but subsequent analysis indicated the compromised data originated from Arkansas-based Evolve Bank & Trust. The bank disclosed that personal identification information (PII) such as names, Social Security Numbers, and account details of its customers were accessed and exfiltrated. Although core banking systems remained unaffected, the breach was due to an employee...
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Severity

The LockBit ransomware incident involving Evolve Bank & Trust had significant but contained impacts. While the attackers claimed to have stolen 33 Tb of data from the US Federal Reserve, it was actually data from Evolve's retail and financial technology partner customers. The breach affected personal identification information, but critical banking operations were not disrupted, and the attack was contained promptly. Consequently, the incident is considered "Moderate" in severity, scoring a 5 out of 10.

Impact

The cyber incident at Evolve Bank & Trust, orchestrated by the LockBit ransomware group, resulted in a significant data breach. Personal Identification Information (PII), including names, Social Security Numbers, dates of birth, and bank account information, was exfiltrated and subsequently exposed on the dark web. Though this breach compromised sensitive customer data, it did not impact digital banking credentials or debit cards for retail customers, and the bank managed to contain the attack quickly. The organization has since undertaken comprehensive measures to bolster its cybersecurity de...
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