Cyber for Plan Sponsors

Bank of America Discovers Data Breach in PPP Application Process

06.22.2020

Bank of America Corporation has informed its customers of a serious data breach affecting those who have applied for the Paycheck Protection Program (PPP).  On April 22, client information was left vulnerable when the bank uploaded PPP applicants’ credentials onto the US Small Business Administration’s test platform. The platform was made to provide lenders with the ability to test PPP submissions prior to the second round of applications.

The data revealed in the breach were not only related to individual businesses but their owners as well. Compromised information includes business addresses, tax identification numbers, social security numbers, phone numbers, email addresses, and citizenship statuses. Thankfully, Bank of America stated the PPP applications and submission processes have not been impacted by the cybersecurity breach. An internal investigation is currently underway to determine the cause of the exposure.

Cyber Liability Insurance is critical for the prosperous financial future and well-being of your company. A single attack could be costly and devastating to try and conquer on your own. Our ERISA bond packages, which include an ERISA Fidelity bondFiduciary Liability Insurance and Cyber Liability Insurance, can help protect your company and its employee benefit plan from catastrophic damages to your brand and its valuable assets. Contact us to learn more about our ERISA packages and cyber coverage.