First Horizon Banking organization is a regional financial service having $84 billion assets and provides multiple services that include the capital market wealth management services and other financial services and the company also executed a network that operates hundreds of banks situated in 12 different states in the Southeast.

The organization disclosed that some of their user’s online banking accounts get hacked by the attackers.

How the Attackers Hacked the Bank?

In mid of April 2021, the organization discovered that they experienced an attack that impacts some customers of their bank. After that, the organization also identified that these unknown attackers breach the online customer’s bank accounts using the data that was stolen from third-party applications and use the vulnerability present in the system.

According to the experts, the attackers use the credentials and exploit the vulnerability present in the system of third-party applications that will grant unauthorized access to the attackers and they will infect the online bank accounts of the users. The Organization also filed an 8-K form with the United States Securities and Exchange Commission.

However, the hackers will take access to the affected customer information keep in the accounts and they had also stolen the funds from their attacks before anybody knows. The organization said that the attacks will take less than $1 million from the affected user accounts.

What Bank is Executing for Injured Customers?

First Horizon bank has done firm reimbursed all the accounts that were impacted and stolen in this data breach. The organization also notified the concerned authorities and reopened the new accounts of the customers affected.

The organization also working on the vulnerability that was exploited in this attack and they also updating the passwords of the user accounts affected. As per the investigation, the organization doesn’t think that this data breach will affect their business or any financial conditions.

Although, they did not provide any information related to the third-party application that was exploited in this attack and that permits the attackers to steal the data and the funds from the user accounts.

Summering Up

These type of attacks are rapidly increasing as ten of millions of user data is leaked in the recent data breach that affected BigBasket, NitroPDF, and multiple others. The First Horizon Bank also said that their other division IBERIABANK Mortgage experienced another data breach two years before and steal the customer’s data before they merged with the First Horizon Bank.