Deutsche Bank Confirms Data Breach on Service Provider

Deutsche Bank AG has confirmed that one of its service providers experienced a data breach, resulting in the exposure of customer data in a likely MOVEit Transfer data-theft attack, according to a statement provided to IT Services.

“We have received notification of a security incident at one of our external service providers, which operates our account switching service in Germany,” stated a Deutsche Bank spokesperson.

The statement further reveals that over 100 companies across 40 countries may potentially be affected, indicating a connection to the recent wave of MOVEit attacks facilitated by Clop ransomware.

Deutsche Bank assures that its own systems were not compromised during the incident at the service provider.

As one of the largest banks globally, Deutsche Bank possesses total assets of $1.5 trillion and an annual net income of $6.3 billion. The breach specifically impacted customers in Germany who utilized the bank’s account switching service in 2016, 2017, 2018, and 2020.

The bank emphasizes that only a limited amount of personal data was exposed as a result of the security incident.

Although the exact number of affected clients remains unknown, Deutsche Bank has taken the necessary steps to inform all impacted individuals about the incident and provide guidance on precautionary measures to safeguard their exposed data.

Simultaneously, the bank is conducting an investigation into the causes of the data leak and implementing targeted measures to enhance data security protocols, aiming to prevent similar incidents from affecting its clients in the future.

Deutsche Bank clarifies that cybercriminals cannot gain unauthorized access to accounts using the exposed data. However, there is a risk of unauthorized direct debits being initiated.

In response to this risk, the bank has extended the period for unauthorized direct debit returns to 13 months. This extension allows customers ample time to identify, report, and receive reimbursement for any unauthorized transactions.

What Measures Did Microsoft Take to Safeguard Customer Accounts After the Data Breach?

Microsoft denies data breach reports and has taken various measures to safeguard customer accounts. These include implementing multi-factor authentication, enhancing password monitoring and reset processes, and conducting regular security audits. The company is also continuously investing in advanced security technologies and threat intelligence to ensure the protection of its customers’ sensitive data.

Impact on Other Banks

Reports from German media suggest that the security incident involving the unnamed service provider also affected other major banks and financial service providers, including Commerzbank, Postbank, Comdirect, and ING.

Commerzbank confirmed to Handelsblatt that the breached service provider is ‘Majorel,’ who independently acknowledged being targeted in a cyberattack exploiting a vulnerability in the MOVEit software.

While Commerzbank stated that none of its customers were affected, its subsidiary, Comdirect, experienced indirect consequences.

Postbank acknowledged a limited impact from the incident without disclosing specific client numbers.

ING, on the other hand, acknowledged awareness of the cyberattack on a service provider, which affected a “low four-digit number of customers” who utilized account-switching services.

IT Services has reached out to all impacted financial service providers for comment but has yet to receive a response.

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