Albany Bank & Trust Co. Reports Data Breach Following Data Security Incident | Console and Associates, PC

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

If you have received a data breach notification, it is essential that you understand what is at risk and what you can do about it. To learn more about how to protect yourself from fraud or identity theft and what your legal options are following the Albany Bank data breach, please see our recent article on the subject. here.

What led to the Albany Bank data breach?

Reports of the Albank breach are recent and many details regarding the causes of the breach have yet to be 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 of 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 concluded its investigation, concluding that it could not rule out the possibility that the unauthorized party may have accessed consumer information.

After discovering that sensitive consumer data may have been accessed by an unauthorized party, Albany Bank then reviewed all files it believed the unauthorized party had access to. Although the information breached will vary 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 data breach letters to everyone whose information was compromised as a result of the recent data security incident. In this advisory, 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 primarily serves business owners, property operators/developers and professionals. Albank offers the traditional products one would expect to find in a bank, including personal and business accounts, certificates of deposit, individual retirement accounts, home equity loans, business loans and lines of credit. credit. Albank was founded in 1953 and has assets totaling over $650,000,000. Albany Bank has about 95 employees and generates about $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, are frequently targeted by cybercriminals. Once hackers have your financial data, they can 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 some steps you can take immediately to reduce the risk of becoming a victim of identity theft or fraud as a result of a data breach.

Notify 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. After you report the violation, the bank representative may ask additional questions to determine if your account should be closed.

Keep a close eye on all bank accounts and credit card statements

After reporting 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’s also a good idea to check your credit report regularly, as this will let you know if someone is trying to open new credit accounts in your name.

Change online account passwords

Although there is no indication that the Albank breach resulted in the breach of passwords, as a precaution, you should also change the passwords of all your financial accounts after a data breach. Hackers have technology that allows them to plug bits of information into a program that “guesses” victims’ passwords on thousands of sites. Hackers can also compile information from multiple breaches. So if your password was compromised in a previous or later attack, then they could use that information in combination with previously obtained data to commit further fraud.

Breach victims who want to learn more about what to do after a data breach or how they can hold the company accountable for keeping their information liable for the breach should contact a data breach attorney. for immediate assistance.

Shawanda H. Saldana