Albany Bank & Trust Co. Reports Data Breach Following Data Security Incident | Console and Associates, P.C. | #itsecurity | #infosec

Albany Bank & Trust Co. (“Albank”) recently confirmed a data breach following a cybersecurity incident affecting the bank’s computer system. While many details about the Albank breach are still outstanding, according to Albank, the breach resulted in the names, addresses, phone numbers, email addresses and other information being compromised. On May 19, 2022, Albank filed official notice of the breach, sending data breach letters to all affected parties.

If you received a data breach notification, it is essential you understand what is at risk and what you can do about it. To learn more about how to protect yourself from becoming a victim of fraud or identity theft and what your legal options are in the wake of the Albany Bank data breach, please see our recent piece on the topic here.

What Led to the Albany Bank Data Breach?

The reports of the Albank breach are recent, and many of the details pertaining to the causes of the breach have not yet been released. However, at this point, what is known is that on February 4, 2022, the company detected suspicious activity on its computer network. After learning about the suspicious activity, Albank launched an investigation into the incident, hoping to learn more about the nature and scope of the incident.

On April 19, 2022, Albank wrapped up its investigation, concluding that it could not rule out the possibility that the unauthorized party was able to access consumer information.

Upon discovering that sensitive consumer data may have been accessible to an unauthorized party, Albany Bank then reviewed all the files it believes the unauthorized party had access to. While the breached information varies depending on the individual, it may include your name, address, phone number, and email address. However, Albank notes that there were other types of data leaked as a result of the breach, but did not elaborate.

On May 19, 2022, Albany Bank sent out data breach letters to all individuals whose information was compromised as a result of the recent data security incident. In this notice, Albank provides a more detailed explanation of the compromised data.

More Information About Albany Bank & Trust Co.

Albany Bank & Trust Co. is a commercial bank located in Chicago, Illinois. As a commercial bank, Albank serves primarily business owners, real estate operators/developers and professionals. Albank offers the traditional products one would expect to find at a bank, including personal and business accounts, certificates of deposit, individual retirement accounts, home equity loans, and business loans and lines of credit. Albank was founded in 1953 and has assets totaling more than $650,000,000. Albany Bank has about 95 employees and generates approximately $21 million in annual revenue.

What to Do After a Data Breach Compromises Your Credit Card Information

Financial data, such as credit and debit card information, is frequently targeted by cybercriminals. Once hackers have your financial data, they can then use it to make fraudulent purchases and engage in other types of fraud, including identity theft.

Thus, it is essential that you take certain steps to protect yourself from the worst consequences of a data breach. Below are a few things you can immediately do to limit the chances of falling victim to identity theft or fraud following a data breach.

Inform All Banks and Credit Card Companies of the Breach

After learning of a data breach that affects your financial information, be sure to call all of your banks and credit card companies to report the breach. Once you report the breach, the bank representative may ask additional questions to determine if your account should be closed.

Keep a Close Eye on all Bank and Credit Card Statement Accounts

After you report the breach, the next step is to closely monitor your bank and credit card statements for any signs of unauthorized transactions or attempted transactions. It is also a good idea to check in on your credit report regularly, as this will inform you if someone is trying to open up new credit accounts in your name.

Change Passwords to Online Accounts

While there is no indication that the Albank breach resulted in passwords being breached, in an abundance of caution, you should also change passwords to all your financial accounts after a data breach. Hackers have technology allowing them to plug in bits of information to a program that “guesses” victims’ passwords to thousands of sites. Hackers may also compile information from multiple breaches. Thus, if your password was compromised in a previous or subsequent attack, they could then use that information in combination with previously obtained data to commit further frauds.

Those breach victims looking to learn more about the steps to take after a data breach or how they may be able to hold the company responsible for maintaining their information responsible for the breach should reach out to a data breach lawyer for immediate assistance.

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