- Affirm card users’ personal information may have been compromised in a cybersecurity incident at Evolve Bank and Trust in Arkansas.
- A Evolve Bank spokesman says they have engaged the appropriate law enforcement agencies to assist with the investigation and response efforts.
OUR TAKE
This incident may prompt the entire financial industry to pay more attention to data protection and network security, promote the development of stricter industry norms and security standards, and improve security level of the entire industry to protect the interests of customers.
–Zora Lin, BTW reporter
What happened
U.S. financial technology company Affirm Holdings says on Monday it believes the personal information of Affirm card users is compromised in a cybersecurity incident at Evolve Bank and Trust in Arkansas.
Evolve Bank, the third-party issuer of Affirm cards, fall victim to a cybersecurity incident last week in which customer data is illegally posted to the dark web. A Evolve Bank spokesman says they have engaged the appropriate law enforcement agencies to assist with the investigation and response efforts.
Affirm says that upon being notified of the Evolve cybersecurity incident, the company immediately begin an investigation, separate from the Evolve investigation, to determine whether any Affirm card users’ personal information has been compromised.
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Why it’s important
In the digital age, the security of personal information is of Paramount importance. Evolve Bank as a third-party issuer of Affirm cards, this incident reflects the risks involved in third-party cooperation and highlights the importance of data protection and user privacy, especially for companies involved in financial services.
Cyber security incidents often involve legal compliance issues, and this incident may prompt the relevant legal authorities to take a closer look at financial institutions’ data protection measures.
The breach is likely to cause damage to the reputations of Affirm and Evolve Bank and affect customers’ trust in these companies. Therefore, these companies need to deal with this issue quickly and transparently, and invest more resources in strengthening their cybersecurity capabilities to rebuild customer trust.
