May 16, 2024 at 05:16PM
Santander, a Spanish bank, experienced a data breach from a third-party provider, impacting customers in Chile, Spain, and Uruguay. The bank quickly blocked access to the compromised database and implemented fraud prevention measures. External breaches are becoming a common issue for financial institutions, highlighting the need for proactive risk assessment and thorough third-party oversight.
From the meeting notes, it’s evident that Santander recently experienced a data breach, where a victim accessed a database hosted by a third-party provider. To mitigate the intrusion, Santander blocked access to the compromised database and implemented fraud prevention controls. According to Santander, the breach did not compromise transactional data or online banking details and passwords, and their operations and systems remain unaffected. The breach affected customers in Chile, Spain, and Uruguay, as well as select former employees.
The incident underscores the increasing prevalence of data breaches involving third-party providers, with examples from Bank of America, Fidelity Investments, and American Express also cited. The quote from Martin Greenfield emphasizes the importance of proactive threat assessment and regular reviews of third-party risks.
While the exact number of affected customers is unclear, Santander has initiated contact with those impacted, notified regulators and law enforcement, and is actively working to address the breach.