News Insights: P&N Bank discloses data breach, customer account information, balances exposed | ZDNet

P&N Bank discloses data breach, customer account information, balances exposed | ZDNet

The Australian bank says a cyberattack took place during a server upgrade.

P&N Bank discloses data breach, customer account information, balances exposed | ZDNet

Australian Bank P&N is working with the West Australian Police Force and other authorities to find out who hacked account information during a server upgrade 

News Insights:

Robert Capps, VP of Market Innovation for NuData Security, a Mastercard company, says:

“With the data stolen, customers are the primary targets for cybercriminals, who will use their information to take over accounts the victims have with other online companies. There is also the risk of impersonation by bad actors who will create new accounts with the victim’s information or open up new credit lines. With even SIN numbers stolen, companies and government services need to step up their verification requirements as a SIN number is not a secret code anymore.  For online banks and other organizations, more technologies are needed to verify legitimate customers from imposters. New technologies like behavioral analytics and passive biometrics are being leveraged to protect businesses and their customers from account takeover by recognizing customers’ online behavior instead of basing a decision on a password, SIN or another credential. Hackers are not able to mimic inherent user behavior online, making stolen credentials valueless.”