SRP Federal Credit Union, a South Carolina-based financial institution, suffered a major data breach that affected more than 240,000 people.
The credit union handles highly sensitive information of hundreds of thousands of Americans, which is now in the hands of cybercriminals.
SRP revealed in a notice that the data breach was part of a two-month attack by hackers, raising concerns about how it took the company so long to detect unauthorized entry into its systems. I talk about the details of the data breach, its impact on people, and what you need to do to stay safe.
Illustration of a hacker at work (Kurt “CyberGuy” Knutsson)
What you need to know
SRP Federal Credit Union reported a data breach that exposed the personal information of more than 240,000 people, according to documents filed Friday with regulators in Maine and Texas.
The company said it discovered suspicious activity on its network and notified authorities. An investigation determined that hackers accessed the credit union’s systems between September 5 and November 4, potentially acquiring confidential files. The investigation concluded Nov. 22, the company said.
SRP did not specify the exact details laid out in its notice to Maine regulators, saying only that names and government-issued IDs were affected in the cyberattack.
However, in a filing with Texas regulators, the company said names, Social Security numbers, driver’s license numbers, dates of birth and financial information, including account numbers and credit or debit card numbers, They were committed. SRP said the breach did not affect its online banking or core processing systems.
Illustration of a hacker at work (Kurt “CyberGuy” Knutsson)
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Who is responsible for non-compliance?
SRP has not revealed who was behind the attack or the motives of the attackers. However, the Nitrogen ransomware group claimed responsibility last week, claiming it had stolen 650GB of customer data, according to The record. Ransomware attacks use malicious software to block access to a victim’s files, systems or networks and demand a payment to restore access.
The credit union could face legal challenges following the data breach, as Oklahoma City-based Murphy Law Firm is doing. investigating claims on behalf of people whose personal information was exposed. The firm is also encouraging affected people to join a potential class-action lawsuit.
SRP will provide affected individuals with free identity theft protection services, so take advantage of them to safeguard your information.
We reached out to SRP for comment but did not hear back by deadline.
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A person working on his laptop. (Kurt “CyberGuy” Knutsson)
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7 Ways You Can Protect Yourself From SRP Data Breach
If you received a notice from SRP Federal Credit Union about the data breach, consider taking the following steps to protect yourself.
1. Monitor your accounts: Periodically check your bank accounts, credit card statements, and other financial accounts for unauthorized transactions or suspicious activity. Contact one of the three major credit bureaus (Equifax, Experian, or TransUnion) to place a fraud alert on your credit report, which will make it difficult for identity thieves to open accounts in your name.
2. Freeze your credit: Consider freezing your credit to prevent new accounts from being opened without your consent. This service is free and can be withdrawn at any time.
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3. Use identity theft protection services: Consider signing up for identity theft protection services that monitor your personal information and alert you to potential threats. These services can help you detect and respond to identity theft more quickly. Some identity theft protection services also offer insurance and assistance with recovering from identity theft, providing additional peace of mind. Check out my tips and top picks on how to protect yourself from identity theft.
4. Change your passwords– Update passwords for your online accounts, especially those related to banking and email. Use strong, unique passwords and consider using a password manager to generate and store complex passwords. Additionally, enable two factor authentication for greater security.
5. Beware of phishing scams: Be wary of emails, text messages, or calls claiming to be from SRP or related organizations. Avoid clicking on links or providing personal information unless you verify the sender.
The best way to protect yourself from malicious links is to have antivirus software installed on all your devices. This protection can also alert you to phishing emails and ransomware scams, keeping your personal information and digital assets safe. Get my picks for the best antivirus protection winners of 2024 for your Windows, Mac, Android, and iOS devices.
6. Keep your device’s operating system updated: Make sure your cell phone and other devices automatically receive timely operating system updates. These updates often include important security patches that protect against new vulnerabilities exploited by hackers. For reference, check out my guide on how to keep all your devices up to date.
7. Invest in personal data removal services: Consider services that remove your personal information from public databases. This reduces the chances of your data being exploited in phishing or other cyber attacks after a breach. Check out my top picks for data removal services here.
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Kurt’s Key Takeaway
The SRP Federal Credit Union data breach is a stark reminder of how vulnerable our confidential information can be. More than 240,000 people had their personal data compromised, including social security numbers, driver’s licenses and financial details. Even more alarming is the two-month period hackers had to exploit the credit union’s systems before being detected. This highlights important gaps in cybersecurity protocols. If you are an SRP customer, closely monitor your accounts, enable fraud alerts, and consider identity theft protection services to stay ahead of potential threats.
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