Bank Of America Blames Infosys McCamish For Data Breach

(RTTNews) - Infosys McCamish, a subsidiary of Indian software giant Infosys (INFY), has been named as the source of data breach by Bank of America (BAC), according to a report filed with the Office of the Maine Attorney General.

According to a communique Infosys McCamish sent to affected customers, a ransomware group known as LockBit had accessed the customers' information through the company's system, not Bank of America's.

"It is unlikely that we will be able to determine with certainty what personal information was assessed as a result of this incident at IMS. According to our records, deferred compensation plan information may have included your first and last name, address, business email address, date of birth, Social Security number and other account information", Infosys McCamish stated.

The incident compromising details of 57,028 deferred compensation customers, whose accounts were serviced by the bank, occurred on November 3. These deferred compensation plans represent a "significant asset-gathering opportunity for financial institutions selling into the retirement plans markets," according to Infosys McCamish.

The Bank of America was notified on November 24, and the customers were made aware of the incident on February 2, which is 90 days after the breach. Whereas many states, including Maine, require the companies to notify the affected people within 30 days of the company discovering a breach.

As compensation, Bank of America is offering a standard two-year identity theft protection by Experian IdentityWorksSM to the affected customers, which includes daily monitoring of credit reports, internet surveillance, and resolution assistance for cases of identity theft.