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Understanding the MOVEit Data Breach and How to Protect Yourself

In this article:

• MOVEit Data Breach Explained
• Who Is Impacted by the MOVEit Data Breach?
• How Can You Boost Your Defenses?

MOVEit Data Breach Explained

Data breaches are an unfortunate reality for many U.S. businesses and consumers. According to a study by Experian and the Ponemon Institute, 47% of organizations experienced a ransomware attack in 2021, with the average ransom paid exceeding half a million dollars. The MOVEit breach is a recent example of such an attack, affecting thousands of companies. Here’s what you need to know about the MOVEit data breach and what to do if your information has been compromised.

MOVEit is a file transfer program owned by Progress Software, used by various organizations to move sensitive personal data. In May 2023, a hacker group called CL0P gained access to MOVEit, impacting tens of millions of people. The breach highlights a significant vulnerability, allowing hackers to obtain data from multiple companies in one attack.

Who Is Impacted by the MOVEit Data Breach?

The full extent of the MOVEit data breach is still unfolding. Those affected include state and federal agencies, pension funds, drivers in Louisiana and Oregon, financial services firms, and nonprofit organizations. The New York Times reports that several other government agencies may have purchased the software, but it’s unclear if they were affected by the hack.

How Can You Boost Your Defenses?

If you receive notification that your personal information has been compromised, it’s crucial to act quickly. Here are some steps you can take:

• Freeze your credit: This limits companies from accessing your credit report, helping to prevent identity thieves from opening accounts in your name. You can easily lock and unlock your credit file with services like Experian CreditLock.
• Change important passwords and login information: Use a password manager to create strong, unique passwords and enable multifactor authentication.
• Initiate a fraud alert: Request a fraud alert with the national credit bureaus (Experian, TransUnion, and Equifax) to make it harder for fraudsters to open accounts in your name.
• Monitor your accounts and credit: Regularly check your bank accounts and credit cards for any suspicious activity. You can also get a free credit report from Experian.
• Protect your identity: Services like Experian IdentityWorksSM Premium offer identity theft monitoring and dark web surveillance, notifying you of any changes to your credit reports.

The Bottom Line

Protecting your credit is always important, but it’s even more critical if your information has been involved in a data breach. The MOVEit data breach is still unfolding, so stay vigilant and pay attention to any notifications regarding your data. Free credit monitoring with Experian can help you detect potential identity fraud.

For any mortgage-related needs, feel free to call O1ne Mortgage at 213-732-3074. We are here to assist you with confidence and expertise.

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