Citi Security Rating, Vendor Risk Report, and Data Breaches (2024)

FAQs

Did Citibank have a data breach? ›

More than 200,000 Citigroup bank accounts were hacked in last month, according to just-released data from the company, and federal regulations could tighten because of the security breach. Details of the hack remain scarce. The bank says hackers probably accessed names, card numbers, addresses, and e-mail information.

A security breach is a broader term that covers different types of incidents relating to the violation of organisational, legislative, regulatory security, or privacy policies. A data breach on the other hand, is a more specific term that relates to data and unauthorised access and use of data by a third party.

While being part of a data breach doesn't automatically mean your identity will be stolen, it does put you more at risk of becoming a victim of identity theft. The smartest way to protect yourself from these unsavory intruders is to make sure you're covered with identity theft protection.

Ransomware attacks have become increasingly common and sophisticated, posing significant threats to data security and financial stability. Ransomware will likely continue to dominate cybercrime in 2024. According to Statista, it was the leading motive for more than 72% of cybersecurity attacks in 2023.

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The most common types of data breaches are: Ransomware. Phishing. Malware.

Data exposed during a breach creates a serious fraud risk. Sensitive information that could wind up in the hands of criminals or on the dark web after a data breach includes: Your full names. Email addresses.

The key difference between a breach and a hack lies in the intent. A hack is the result of an intentional attack, while a breach is the result of an unintentional leak of information. Another way to look at this is to determine whether cybercriminals are part of the story — including internal rogue users.

The GDPR gives you a right to claim compensation from an organisation if you have suffered damage as a result of it breaking data protection law. This includes both “material damage” (e.g. you have lost money) or “non-material damage” (e.g. you have suffered distress).

What happens if you don't report a data breach? ›

Failing to do so can result in heavy fines and penalties and an investigation by the Information Commissioner's Office (ICO).

A data breach affects you in several ways. It increases your chances of becoming a victim of identity or financial theft. Hackers can use a leaked password to access other accounts that have the same password. It can take some effort to recover from getting hacked online.

Healthcare and pharmaceuticals. In 2023, healthcare organizations experienced the most data breaches since 2009. A key motivator for hackers to breach healthcare institutions is financial gain. Stolen records can also be used to gain unauthorized access to medical data or obtain medication prescriptions.

In IBM's 2022 data security report, it was reported that it took an average of 277 days – roughly 9 months – for businesses to identify and report a data breach. Stolen or compromised credentials were the most common cause of a data breach in 2022, and these types of attacks took around 327 days to identify.

Reported in January 2024, the “Mother of All Breaches”, a.k.a. MOAB, represents one of the largest data breaches in history, involving the exposure of over 26 billion records containing sensitive personal information.

There are numerous ways the unauthorized user could have gotten access to your information, such as purchasing it on the dark web, getting it after a data breach, or phishing via email, phone or text message.

We give Citibank an overall score of 4.2 stars out of 5, with its checking accounts being among its strengths. It's the largest bank in the country to eliminate overdraft fees and has an expansive, free ATM network.

Valdimir Levin is often presented as "the first online bank robber," and appeares on many lists of the "Top 10 Greatest Hackers." But a few veteran Russian hackers cliam that Levin's infamous hack had been mangled by the journlists who wrote about it.

The Bank of America has not yet revealed how many users were affected by the data breach. However, a letter filed with the Attorney General of Maine disclosed that 57,028 individuals were impacted. This cybersecurity incident emphasizes the importance of securing customer data.