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<h1>Evolve Bank Data Breach Affects Multiple Fintech Companies, Including Wise and Yieldstreet</h1>
<p>A recent data breach at Evolve Bank &amp; Trust has sent shockwaves across the fintech industry, affecting a number of prominent companies including Wise and Yieldstreet. This security incident has raised significant concerns about data privacy and cybersecurity practices within the sector.</p>
<h2>The Breach Details</h2>
<p>Evolve Bank confirmed that the breach was the result of a ransomware attack executed by the Russia-linked LockBit group. The attack was triggered by an employee inadvertently clicking on a malicious link, resulting in unauthorized access to sensitive information. Reports suggest that up to 33 terabytes of data were compromised, including personal details like names, addresses, Social Security numbers, account balances, and transaction records.</p>
<h2>Impact on Fintech Companies</h2>
<p><strong>Wise</strong>, a notable fintech firm, disclosed that its customers might have been affected due to this breach. While the full extent of the impact is still under investigation, Wise and Evolve are actively working to address the situation and have promised to notify affected individuals directly.</p>
<p>Similarly, <strong>Yieldstreet</strong> has revealed that some of its customers were also compromised. Yieldstreet is adhering to cybersecurity best practices and has informed potentially affected customers. Other fintech firms such as Affirm and Mercury have also been impacted by this security lapse.</p>
<h2>Regulatory and Security Concerns</h2>
<p>Federal regulators had previously cited Evolve Bank for inadequate information security practices. This incident underscores the importance of robust cybersecurity measures. Companies are advised to evaluate their risk and implement enhanced protective mechanisms such as credit freezes and multi-factor authentication for those potentially compromised.</p>
<p>Both Wise and Yieldstreet are committed to resolving the issue and maintaining transparency with their customers as the investigation progresses. The companies urge all affected users to be vigilant and take necessary steps to safeguard their personal information.</p>


Collections

Evolve Bank & Trust experienced a data breach due to a ransomware attack by the Russia-linked LockBit group, affecting major fintech companies like Wise and Yieldstreet. Up to 33 terabytes of sensitive data, including personal and financial information, were compromised. This incident highlights the need for robust cybersecurity measures, particularly given Evolve Bank's prior regulatory citations for inadequate security practices. Both Wise and Yieldstreet are working to mitigate the impact and maintain transparency with their customers.

Fintech Companies Impacted by Evolve Bank Data Breach Triggered by Ransomware Attack