A US bank plans to pay millions of dollars after a data breach exposed customer details.
Nebraska-based Union Bank and Trust Company (UBT) has he agreed to pay $2.4 million to settle a lawsuit accusing the lender of failing to use or maintain data security measures to protect customer privacy.
According to the indictment, the “CL0P Ransomware Gang” carried out a cyberattack in May 2023 that exploited the third-party MOVEit bank file transfer software, developed by Progress Software Inc., to gain access to customer information.
Progress warned the bank about an “unauthorized SQL vulnerability that could allow unauthorized users to increase user access and gain access to UBT’s MOVEit Transfer platform.”
When notified, UBT took “MOVEit offline and applied patches to address the vulnerability.” However, the bank’s investigation found that the details of about 204,291 customers were “taken” before the end.
UBT denies the allegations and any charges, but says it has agreed to settle the matter. The decision is pending the approval of the court.
Under the proposed agreement, the funds will be used to reimburse up to $10,000 for documented damages due to misuse of their data or to pay a fine of up to $100, as well as two years of credit monitoring and theft protection for affected customers.
The settlement will also cover administrative costs and attorney’s fees.
Founded in 1917, UBT is headquartered in Lincoln, Nebraska, and has $9 billion in assets under management.
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