Bank Of America Blames Indian Tech Firm Infosys for Data Leak Of 57,000 Customers.
The recent data breach at Bank of America, which exposed sensitive information of over 57,000 customers, has been linked to Indian tech firm Infosys. The bank has pointed fingers at Infosys McCamish Systems, a subsidiary of Infosys BPM, for the cyberattack that occurred last November.
The attack on McCamish Systems, a platform-oriented BPO firm that caters to the financial services industry, resulted in the malfunctioning of several systems and applications. Infosys BPM, formerly known as Infosys BPO, acquired McCamish in 2009 and has been one of the key clients of the company.
The compromised information includes customers’ personal details such as their first and last names, address, business email, date of birth, and social security number. This is a serious breach of privacy and security for the affected individuals, and Bank of America has taken the necessary steps to inform and assist them.
The incident has raised concerns about the security measures in place at Infosys and other outsourcing companies, especially those handling sensitive financial data. With the increasing trend of outsourcing business processes to third-party firms, it is crucial for these companies to have robust security protocols in place to protect their clients’ data.
In response to the data breach, Infosys has assured that they have taken immediate action to contain the attack and have also launched an internal investigation. They have also stated that they are working closely with Bank of America to address the issue and prevent any further breaches.
This incident also highlights the need for stricter regulations and compliance standards for companies handling sensitive financial information. The financial services sector is a prime target for cybercriminals, and it is the responsibility of these companies to ensure that their clients’ data is secure.
Bank of America has faced criticism for its handling of the situation, with some customers expressing their disappointment and anger over the breach. The bank has stated that they are taking all necessary steps to protect their customers and prevent similar incidents in the future.
In the wake of this data breach, it is important for companies to prioritize investing in cybersecurity measures to protect their clients’ information. This includes regular security audits, employee training, and implementing the latest security technologies.
Additionally, customers should also take precautions to safeguard their personal information, such as regularly monitoring their financial statements and credit reports, and being cautious of suspicious emails or calls asking for personal information.
This data breach serves as a reminder for companies to be vigilant in securing their systems and protecting their clients’ data. It also highlights the need for stronger cybersecurity measures and stricter regulations in the financial services industry. Only through a collaborative effort between companies and regulatory bodies can we prevent such incidents from occurring in the future.