Truist Bank Hit with Class Action Lawsuit Over October 2023 Data Breach

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Truist Bank faces a proposed class action lawsuit in the wake of an October 2023 data breach.

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According to the 57-page Truist Bank data breach lawsuit, the “foreseeable and preventable” cyberattack exposed current and former customers’ full names, dates of birth, financial account numbers, loan transaction amounts and loan balances when an unauthorized third party hacked into several employee accounts on October 27, 2023.

BleepingComputer.com has also reported that a threat actor identified as Sp1d3r claims to have stolen the information of 65,000 Truist employees during the hack and is selling the data on the dark web for $1 million.

The filing contends that the incident was a result of the bank’s failure to maintain adequate cybersecurity measures that would have protected individuals’ information from unauthorized access, such as properly encrypting its computer files.

“[Truist Bank’s] data security obligations were particularly important given the substantial increase in cyber-attacks and/or data breaches targeting financial companies that collect and store [personally identifiable information],” the complaint says.

Per the case, Truist informed victims of the data breach by letter around June 11 of this year. However, omitted from the notice were critical details about the root cause of the incident, when the intrusion was detected, whether any remedial action has been taken to prevent a future attack and more, the suit shares.

The filing goes on to argue that Truist’s offer of 24 months of free credit monitoring and identity protection services is “inadequate” to protect affected individuals from the heightened risk of identity theft and financial fraud they will now face for many years.

The lawsuit looks to represent anyone in the United States whose personal information was accessed and/or acquired by an unauthorized third party as a result of the data breach reported by Truist Bank in June 2024.

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