On June 26, 2024, Evolve announced that its systems were breached in May 2024 in a ransomware attack by cybercriminal group LockBit. The group appears to have gained access to Evolve’s systems after an employee invertedly clicked on a malicious Internet link. LockBit subsequently accessed and downloaded Evolve’s customer information from its databases and a file share in February and May 2024. The group also encrypted some of Evolve’s data.

According to the hackers, LockBit claims to have stolen “33 terabytes of juicy banking information containing American’s banking secrets.” It has subsequently released the data it downloaded on the Dark Web.

As a fintech firm, Evolve partnered with numerous other companies, including Affirm, Bilt, Shopify, Mercury, Plaid, and Stripe. Therefore anyone who may have done business with any of these companies will have the concern that their private information may have been posted on the Dark Web as part of the Evolve breach.

Time to reassess cybersecurity priority?

This incident will strike fear into the customers of the companies involved. Cybersecurity is a word used so frequently that customers can often become desensitised to it, perhaps taking it for granted. This incident serves as a reminder that the worst-case scenario is often a probable one.

Schubert Jonckheer & Kolbe LLP is investigating a data breach impacting the private information of millions of customers who used financial services provided by Evolve Bank & Trust, an Arkansas-based fintech startup.

Evolve has informed customers that this data appears to at least include names, Social Security numbers, bank account numbers, and contact information, this is both for its own customers and for customers of its Open Banking partners. It may also include other private information.

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Those who are affected by this may be at risk of identity theft, financial fraud, and other serious violations of your privacy. As a result, you may be entitled to money damages and an injunction requiring changes to Evolve’s cybersecurity practices.