MIAC Cyber Attack Exposes FirstBank Customer Data
Mortgage Industry Advisory Corporation (MIAC), a leading provider of data and analytics to the financial industry, has announced that it fell victim to a cyber attack that exposed sensitive customer data belonging to FirstBank.
”It is crucial to note that, as of now, MIAC has no knowledge of any unauthorized use or attempted misuse of any client’s information resulting from this incident. This breach has affected approximately 4.5% of FirstBank’s customer base in Puerto Rico”, stated María Ripepi, FirstBank’s first vice president of Corporate Security, in a statement provided to this publication.
“We urge FirstMortgage customers who have received the MIAC letter to initiate contact by calling the phone number provided in the letter. MIAC’s customer service team is equipped to assist you in Spanish,” the executive emphasized.
Ripepi emphasized that, since the cybersecurity incident occurred within MIAC’s systems and not the bank’s, “they possess all the necessary information to guide the clients and address their specific concerns”.
For customers who have received a notification regarding potential data exposure, MIAC is offering 24 months of complimentary access to a credit and identity theft monitoring service. To sign up for this free service, please visit: https://response.idx.us/MIAC/.
The cyber attack on MIAC targeted an undisclosed number of financial institutions that conduct business with the company. At present, MIAC does not possess complete information regarding the specific data that was exposed and the entities affected. However, according to MIAC’s official report, the company became aware of the attack on April 6 and immediately launched an investigation. By May 3, it had confirmed unauthorized access to the system housing FirstBank’s consumer data and promptly reported the incident to the bank. On June 8, security breach notification letters were sent to clients of the Puerto Rican bank.
Ripepi acknowledged that “cybersecurity events are a global phenomenon and unfortunately, any entity can fall victim to them. However, we want to emphasize that this incident occurred within the systems of our service provider, MIAC, and not within FirstBank’s systems.”
Furthermore, it was reported that “as a result of this incident, we are enhancing our information exchange protocols with our suppliers to prevent similar incidents from occurring in the future.”
“At FirstBank, we consistently invest in resources to strengthen our security protocols and update our information technology systems, thereby minimizing the likelihood of experiencing similar incidents and ensuring the safety and security of our customers’ information,” concluded Ripepi.
FirstBank previously experienced a cyber attack in October 2020, which disrupted its digital banking services and call center operations for several days. On that occasion, the bank promptly notified the authorities and engaged specialized cyber defense firms as part of its response.
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Fication letter from MIAC regarding the cyber attack, FirstBank is advising them to contact MIAC’s customer service team for assistance. The breach has affected approximately 4.5% of FirstBank’s customer base in Puerto Rico. MIAC has stated that it has no knowledge of any unauthorized use or attempted misuse of the exposed customer data. FirstBank has reassured customers that the incident occurred within MIAC’s systems and not the bank’s, and that MIAC possesses all the necessary information to address their concerns.
How will MIAC’s customer service team assist FirstBank’s affected customers in retrieving and securing their exposed data
MIAC’s customer service team will assist FirstBank’s affected customers in retrieving and securing their exposed data by taking the following steps:
1. Prompt response: The team will ensure a quick response to any customer inquiries or concerns related to the data breach.
2. Clear communication: They will communicate in a clear and concise manner, providing transparent information about the breach and the steps being taken to address it.
3. Personalized assistance: Each customer’s situation will be handled individually, taking into account their specific needs and concerns.
4. Guiding customers through the process: The team will guide customers through the necessary steps to retrieve and secure their data, providing detailed instructions and support.
5. Collaboration with relevant parties: MIAC’s customer service team will collaborate with FirstBank’s internal teams and other involved parties to streamline the process and ensure a comprehensive response.
6. Providing resources and tools: They will offer resources and tools to help customers protect their data, such as recommending password changes, enabling two-factor authentication, and monitoring accounts for any suspicious activity.
7. Post-breach assistance: The team will continue to provide assistance and support to customers even after the initial response, addressing any ongoing concerns or questions that may arise.
Overall, MIAC’s customer service team will strive to provide exceptional service and support, ensuring that affected FirstBank customers feel supported throughout the process of retrieving and securing their exposed data.
This cyberattack on MIAC has caused significant data breach, affecting 4.5% of FirstBank’s Puerto Rico clients. It’s distressing to witness customer data vulnerability in the banking sector, highlighting the urgent need for enhanced cybersecurity measures across all financial institutions.