Allianz Life Data Breach Impacts 1.3 Million After Third-Party Cyberattack

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Allianz Life Data Breach Impacts 1.3 Million After Third-Party Cyberattack

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Allianz Life Data Breach Exposes Personal Information of Over 1.3 Million People

Allianz Life Insurance Company of North America is alerting more than 1.3 million people that their personal information was stolen during a recent data breach. This breach did not happen directly to Allianz Life, but instead through a company they work with called Pension Benefit Information (PBI). The attack happened as part of a much larger cyberattack on a popular file transfer tool called MOVEit, which was targeted by a cybercriminal group known as Clop in May 2023.

How the Breach Happened

The breach began when hackers found a weakness in the MOVEit file transfer software. They used it to break into PBI’s systems and steal data. PBI is a company that helps Allianz Life by checking when customers pass away and finding beneficiaries for their policies. Because Allianz Life trusted PBI with sensitive information, when PBI was hacked, the data of Allianz Life customers was put at risk.

Allianz Life explained in a notice to the Maine Attorney General’s Office that the following types of information were exposed:

  • Names of customers
  • Social Security numbers
  • Policy numbers
The company said, “We have no evidence that our own computer systems were directly breached,” but admitted that the incident at PBI led to their customers’ data being exposed.

Company Response and Customer Support

Allianz Life said they learned about the breach from PBI on June 16, 2023. After being notified, they immediately started their own investigation. In a statement, Allianz Life said, “We take the privacy and security of our customers’ information very seriously. We are working closely with PBI to understand what happened and to make sure affected people are notified and given the support they need.”

To help protect those who might be impacted by the breach, Allianz Life is offering:

  • Two years of free credit monitoring
  • Identity theft protection services
These services can help customers watch for any unusual activity on their credit reports and get help if someone tries to use their information for fraud.

Reviewing Vendor Relationships and Improving Security

After the breach, Allianz Life has taken a close look at their working relationship with PBI. The company is now working to make its vendor risk management even stronger. That means they’ll be more careful about which companies they share customer data with and will keep a closer eye on how those companies protect information.

Allianz Life said, “We are committed to protecting the information entrusted to us and will continue to take steps to enhance our security measures.”

MOVEit Attack Hits Organizations Worldwide

The attack that hurt PBI and Allianz Life is part of a much bigger problem. Hundreds of organizations around the world have been affected by the MOVEit breach. This includes:

  • Government agencies
  • Universities
  • Major corporations
The U.S. Cybersecurity and Infrastructure Security Agency (CISA) has called the MOVEit campaign “one of the most significant supply chain attacks in recent years.” The Clop ransomware group, which carried out the attack, has already posted stolen data from some victims online in an attempt to pressure companies into paying ransom money.

Why Third-Party Vendor Security Matters

This breach shows just how risky it can be for companies to trust outside vendors with important information. Even if a company like Allianz Life has strong security in place, their data can still be at risk if a partner company does not. Cybersecurity experts say it’s important for businesses to:

  • Regularly check how secure their vendors are
  • Have solid plans for what to do if something goes wrong with a vendor
  • Make sure all companies they work with follow strong security rules
These steps can help protect customer information and stop attacks from spreading through the supply chain.

What Affected Customers Should Do

If you get a notice from Allianz Life about your information being exposed, there are important steps you should take:

  • Sign up for the free credit monitoring and identity theft protection being offered.
  • Watch your bank and credit card accounts for any signs of fraud.
  • Consider placing a fraud alert or credit freeze on your credit file.
  • Report any suspicious activity to your financial institution and the credit bureaus right away.

Looking Ahead: Keeping Data Safe

Allianz Life says it is working harder than ever to keep customer information safe. The company is making changes to its security policies and looking for new ways to stop hackers. Experts agree that as cyberattacks become more common, all organizations need to be careful about who they trust with sensitive data and how they respond when a breach happens.

This incident is a reminder for everyone to stay alert and take steps to protect their personal information online.