Pacific City Bank confirms it was hit by ransomware

Hackers accessed files including documents related to loan applications, such as tax returns, Form W-2 information, and payroll records

Pacific City Bank (PCB), one of the largest Korean American banks in the US, has confirmed that it was the victim of a ransomware attack.

The bank has informed customers about a security breach it identified on August 30, 2021, which it claims it dealt with immediately.

“PCB responded promptly to disable the activity, investigate its source and monitor PCB’s network. PCB subsequently became aware of claims that it had been the target of a ransomware attack. On September 7, 2021, PCB determined that an external actor had illegally accessed and/or acquired certain data on its network,” the bank said in a statement.

Pacific City Bank added that it has been working with third-party forensic investigators to understand the nature and scope of the incident and to determine what information may have been accessed and/or acquired and who may have been impacted.

Investigations revealed that this incident impacted certain files containing certain PCB customer information. These files contained documents related to loan applications, such as tax returns, Form W-2 information of their employees, and payroll records. The bank told affected customers that their information was included as part of the supporting documentation of their employer’s loan application. 

The bank said that personal information impacted may include some or all the following personal information, such as a customer’s name, address, Social Security Number, and wage and/or tax information.

Related Resource

The best defence against ransomware

How ransomware is evolving and how to defend against it

Blue padlock Free download

It is not known how many of the bank’s customers have been affected by the breach, which the company confirmed has been reported to the appropriate law enforcement authorities.

“As part of our ongoing commitment to ensuring the security of information in our care, we have conducted a thorough investigation into this incident and are continuing to monitor our systems’ security. In addition, we are working to review our existing policies and procedures, including our information security plan, to evaluate additional measures and safeguards to protect against this type of incident in the future,” the bank added.

The bank is also offering customers free credit monitoring services for a year as well as identity theft protection. Customers can also request a “security freeze” on the credit file by sending a request in by writing.

Featured Resources

The ultimate law enforcement agency guide to going mobile

Best practices for implementing a mobile device program

Free download

The business value of Red Hat OpenShift

Platform cost savings, ROI, and the challenges and opportunities of Red Hat OpenShift

Free download

Managing security and risk across the IT supply chain: A practical approach

Best practices for IT supply chain security

Free download

Digital remote monitoring and dispatch services’ impact on edge computing and data centres

Seven trends redefining remote monitoring and field service dispatch service requirements

Free download

Recommended

A quarter of all malicious JavaScript is obfuscated
hacking

A quarter of all malicious JavaScript is obfuscated

20 Oct 2021
Almost 70% of CISOs expect a ransomware attack
ransomware

Almost 70% of CISOs expect a ransomware attack

19 Oct 2021
Organizations warned of ransomware risk from smaller operators
ransomware

Organizations warned of ransomware risk from smaller operators

19 Oct 2021
Acer Taiwan falls victim to cyber attack
hacking

Acer Taiwan falls victim to cyber attack

18 Oct 2021

Most Popular

Apple MacBook Pro 15in vs Dell XPS 15: Clash of the titans
Laptops

Apple MacBook Pro 15in vs Dell XPS 15: Clash of the titans

11 Oct 2021
Best Linux distros 2021
operating systems

Best Linux distros 2021

11 Oct 2021
HPE wins networking contract with Birmingham 2022 Commonwealth Games
Network & Internet

HPE wins networking contract with Birmingham 2022 Commonwealth Games

15 Oct 2021