What's Happening?
Figure Technology, a blockchain-based lending company, has confirmed a data breach resulting from a social engineering attack. The breach allowed hackers to steal a limited number of files, which included sensitive customer information such as full names, home addresses, and phone numbers. The hacking group ShinyHunters has claimed responsibility for the attack, stating that Figure refused to pay a ransom. The company is offering free credit monitoring to affected individuals.
Why It's Important?
This data breach underscores the vulnerabilities that fintech companies face in protecting sensitive customer information. As reliance on digital financial services grows, the risk of cyberattacks increases, highlighting the need for robust security measures. The incident
may prompt other fintech companies to reassess their cybersecurity strategies to prevent similar breaches. Additionally, the breach could lead to increased regulatory scrutiny and impact customer trust in digital financial services.
