Barings Bank Data Breach

Will Gendron
Mar 26, 2024 12:15 AM
Affected by the Barings LLC data breach? Over 2,671 individuals' sensitive information, including Social Security numbers and employment details, may have been exposed. Learn immediate steps to protect your identity.

What Happened?

On October 29, 2023, an unauthorized third party accessed the systems of Infosys McCamish Systems (IMS), a service provider used by Newport Group, Inc. to handle transactions for Barings LLC's deferred compensation plans. This cybersecurity breach led to the potential exposure of personal information belonging to participants of Barings' plans and their beneficiaries. Although there is no current evidence that the personal data has been misused, the breach potentially involved sensitive information including Social Security numbers, employee IDs, and contact details.

Information Exposed

The data potentially accessed includes:

  • Names
  • Postal and email addresses
  • Phone numbers
  • Dates of birth
  • Social Security numbers
  • Employee IDs
  • Employment status

Not all individuals had all types of information exposed; the specific data accessed varies by affected individual.

Immediate Response

Upon discovering the breach, Newport Group coordinated with IMS to ascertain the scope and impact of the incident. IMS has conducted a forensic investigation with the help of cybersecurity experts to analyze the affected data and continues to monitor the situation for any misuse of the information involved.

Steps for Affected Individuals

If you believe you might be affected by this breach, here are several steps you can take to protect your personal information:

  1. Register for Credit Monitoring: Newport has arranged for affected individuals to receive two years of identity protection and credit monitoring services through Experian IdentityWorks at no cost. You can enroll by visiting Experian IdentityWorks and using the activation code provided in the notice sent to you.
  2. Check Your Credit Reports: You are entitled to a free credit report annually from each of the three major credit bureaus. Obtain yours at Annual Credit Report or by calling 1-877-322-8228.
  3. Place a Fraud Alert: Consider placing a fraud alert on your credit files, which warns creditors to verify the identity of anyone attempting to open an account in your name. Contact any one of the three major credit bureaus to set this up:
    1. Equifax (1-800-525-6285)
    2. Experian (1-888-397-3742)
    3. TransUnion (1-800-680-7289)
  1. Consider a Security Freeze: A more severe step than a fraud alert, a security freeze prevents creditors from accessing your credit report entirely, which stops new accounts from being opened in your name. This can be done for free by contacting each credit bureau directly.
  2. Stay Vigilant: Regularly review your account statements and monitor your credit reports for any unauthorized activity.

Additional Resources

For more information on how to handle this situation and protect yourself from potential identity theft, please refer to the comprehensive guide included in your notice, or contact Newport's customer service at 800-230-3950, available Monday through Friday from 8:00 AM to 8:00 PM ET.

For further details on the breach and ongoing updates, please visit the Maine Attorney General's website.

By taking these steps, you can help safeguard your personal information and respond effectively to this data breach.

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