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Fintech lending giant Figure confirms data breach
Figure Technology confirmed a data breach due to a social engineering attack, resulting in stolen files containing sensitive customer information. The hacking group ShinyHunters claimed responsibility and published part of the data after Figure refused to pay a ransom. The company is providing free credit monitoring to affected individuals and is collaborating with partners to address the fallout.
Key points
- Figure Technology confirmed a data breach that involved social engineering targeting an employee.
- The hack was executed by the group ShinyHunters, who claims Figure refused to pay a ransom.
- Approximately 2.5 gigabytes of data was released, including sensitive customer information such as names, addresses, birth dates, and phone numbers.
- The attack was part of a larger campaign affecting other organizations using Okta, including Harvard University and UPenn.
- Figure is offering free credit monitoring to those impacted and is working with partners to resolve the issue.
Why it matters
- Data breaches are increasingly common in the fintech sector, reflecting broader concerns about cybersecurity.
- The use of social engineering exploits underlines the need for enhanced employee training and security measures.
- Similar data breaches have affected other institutions, revealing weaknesses in third-party software like single sign-on providers.
The breach underscores the vulnerability of fintech institutions to cyber threats and emphasizes the necessity for robust security protocols to protect sensitive customer information.