In a recent cybersecurity incident, customer data at one of America’s largest banks was compromised, as per a government filing.

What Happened: TD Bank, the 10th-largest bank in the US by total assets, disclosed in a report that a former employee had unauthorized access to and shared sensitive customer data from August to December 2022.

The breached data potentially includes names, contact information, birth dates, account numbers, and transactional data. While the exact number of affected customers remains undisclosed, at least eight customers in Massachusetts have been confirmed to be impacted.

The bank has since terminated the employee responsible for the breach and is currently conducting an investigation in conjunction with law enforcement. TD Bank’s corporate security team is also participating in the probe.

Also Read: Bank of America’s Sensitive Customer Data Compromised in Third-Party Hack – Is Your Account Safe?

As a remedial measure, TD Bank is providing the affected customers with a complimentary membership to an online fraud prevention and detection service. The bank is also assisting in the process of closing and opening accounts for enhanced security.

TD Bank customers, depending on their state of residence, have the option to place a security freeze on their credit reports with the three major US consumer reporting agencies.

Why It Matters: This incident underscores the growing concern over cybersecurity in the banking sector. Insider threats, whether intentional or accidental, pose a significant risk to the security of sensitive customer data.

Banks must continually enhance their cybersecurity measures to prevent such incidents and protect their customers’ information.

This breach at TD Bank serves as a stark reminder of the importance of robust internal controls and stringent employee access policies.

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