Finastra Data Breach: What You Need to Know and How It May Impact You

In a concerning development, Finastra, a major fintech company providing software services to financial institutions worldwide, has announced that it is investigating a data breach. If you or your financial institution rely on Finastra’s services, here’s what you need to know about the breach, its potential impacts, and what steps you can take to protect yourself. If you believe you’ve been affected by this breach, contact us immediately. 

What Happened?  

Finastra discovered unusual activity within its systems, prompting an investigation into a possible cyberattack. According to reports, the breach may have exposed sensitive client information, including data from banks and other financial organizations.  

While details are still emerging, Finastra has stated it is working closely with cybersecurity experts to assess the extent of the breach and has notified relevant authorities, including law enforcement.  

Who Is Affected?

At this stage, Finastra has not disclosed the full scope of the breach or the number of clients impacted. However, given the company's extensive client base—including banks, credit unions, and financial institutions worldwide—the breach could potentially affect millions of individuals and businesses.  

If your bank or financial institution partners with Finastra, it is essential to monitor any communication from them regarding the breach and stay vigilant for signs of identity theft or financial fraud.  

What Data Was Exposed?

The exact types of data exposed have not been confirmed, but given Finastra’s role in managing financial software, the breach may involve:  

• Personal identifying information (PII) such as names, addresses, and Social Security numbers.  

• Financial information, including account numbers and transaction data.  

• Login credentials or other sensitive business data.  

How to Protect Yourself

 If you suspect your information may have been compromised in the Finastra data breach, here are steps you can take:  

• Monitor Financial Statements: Regularly check your bank and credit card statements for unauthorized transactions.  

• Freeze Your Credit: Consider placing a freeze on your credit to prevent new accounts from being opened in your name.  

• Enable Two-Factor Authentication: Secure your online accounts by enabling two-factor authentication wherever possible.  

• Stay Informed: Watch for updates from Finastra and your financial institution about the breach and available support services.  

• File a Fraud Alert: Notify credit bureaus of potential fraud to protect your credit profile.  

What Legal Options Are Available?  

If the breach resulted from negligence or inadequate data security measures, affected individuals may be eligible for compensation through a class action lawsuit. Finastra clients and their customers could potentially hold the company accountable for damages such as identity theft, financial loss, and emotional distress.  

Contact a Data Breach Attorney 

If you believe your personal or financial information was compromised, consulting with a data breach attorney can help you understand your rights and options. Experienced attorneys can assist you in seeking justice and compensation for any harm caused by the breach.  

Stay Updated

As more information about the Finastra data breach becomes available, it is crucial to stay informed. Check trusted sources, monitor official updates, and take proactive steps to protect yourself.  

Data breaches can have long-term consequences, but with the right precautions and legal guidance, you can minimize their impact.  

Have Questions About the Finastra Data Breach? Morgan & Morgan can help.

Morgan & Morgan is investigating claims related to the Finastra data breach. If you or your financial institution may have been affected, contact us today for a free consultation.