Finastra is notifying victims of an October 2024 data breach that exposed financial information to unauthorized attackers.
What happened
Financial technology giant Finastra has begun notifying victims of a data breach that exposed personal information to unauthorized attackers. The breach, which originated in October 2024, was detected on November 7 when the company identified malicious activity on some of its systems.
Finastra, headquartered in London, provides financial services software to over 8,100 financial institutions across 130 countries, including 45 of the world's top 50 banks.
Going deeper
The attackers accessed Finastra’s Secure File Transfer Platform (SFTP) between October 31 and November 8, extracting certain files. While the company claims there is no evidence that the stolen data has been copied, retained, or misused, at least 65 individuals in Massachusetts had financial account information stolen, according to filings with the state’s Attorney General’s office.
Finastra has not disclosed the total number of affected individuals or the full extent of the exposed data. However, the breach may be linked to a now-deleted post by a cybercriminal known as “abyss0” on BreachForums, who claimed to be selling 400GB of data allegedly stolen from Finastra’s systems.
To mitigate risks, the company is offering two years of free credit monitoring and identity restoration services through Experian to those impacted.
What was said
In a statement, Finastra stated that it has “no reason to suspect” the stolen data will be misused, suggesting the risk to affected individuals remains low. However, when asked about the alleged data sale on BreachForums, Finastra neither confirmed nor denied whether the leaked data was authentic.
The big picture
Finastra’s latest breach is a reminder that even industry giants with extensive cybersecurity resources remain vulnerable to attack. Financial institutions are prime targets for cybercriminals because they hold some of the most sensitive data, making every breach a potential crisis for customers and stakeholders. While Finastra downplays the risk of misuse, the reality is that stolen data often resurfaces long after an initial breach, whether in underground marketplaces or in more sophisticated fraud schemes.
FAQs
How can Finastra customers check if their data was affected?
Customers should monitor their email for official notifications from Finastra. Those who haven’t received one but are concerned can contact Finastra’s support or check with the Massachusetts Attorney General’s office for updates.
What steps should affected individuals take to protect themselves?
Individuals should monitor their financial accounts for unusual activity, enable multi-factor authentication where possible, and consider freezing their credit to prevent fraud.
What security measures should financial institutions implement to prevent similar breaches?
Companies should conduct regular security audits, patch vulnerabilities promptly, enforce strong authentication protocols, and limit access to sensitive data to reduce risk.
How do cybercriminals typically exploit stolen financial data?
Stolen financial data can be used for identity theft, fraudulent transactions, or sold on dark web marketplaces for further criminal activity.
What legal consequences could Finastra face for this breach?
Depending on the extent of the breach and regulatory findings, Finastra could face fines, lawsuits, or increased scrutiny under data protection laws such as GDPR and U.S. state privacy regulations.
Farah Amod
