Strauss Borrelli PLLC, a leading data breach law firm, is investigating Evolve Bank & Trust (“Evolve”) regarding its recent cybersecurity incident. The Evolve cybersecurity incident may have involved sensitive personal identifiable information belonging to an undetermined number of individuals.
ABOUT EVOLVE BANK & TRUST:
Evolve is a bank and financial services company based in Tennessee. Founded in 1925, Evolve offers a variety of financial products and services to individuals, including checking and savings accounts, debit cards, personal loans, CDs & IRAs, private banking, mortgages, and personal trusts. Additionally, Evolve provides an array of banking services to businesses such as checking and saving accounts, cash management solutions, online banking, business lending, and specialized custody and escrow solutions. Headquartered in Memphis, Tennessee, Evolve employs over 500 individuals.
WHAT HAPPENED?
Recently, Evolve discovered that it had experienced a cybersecurity incident in which an unauthorized third party gained access to portions of its information environment. On June 30, 2024, Evolve posted a notice of the breach on its website saying, “In late May 2024, Evolve Bank & Trust identified that some of its systems were not working properly. While it initially appeared to be a hardware failure, we subsequently learned it was unauthorized activity. We engaged cybersecurity specialists to investigate and determined that unauthorized activity may have been the cause. We promptly initiated our incident response processes, stopped the attack within days, and have seen no new unauthorized activity since May 31, 2024. We engaged outside specialists to investigate what happened and what data was affected, as well as a firm to help us restore our services. We reported this incident to law enforcement.”1 Additionally, Evolve disclosed that the unauthorized third party appears to have accessed and downloaded customer information from its database and file sharing platform during periods in February and May.1 As of July 1, 2024, Evolve has not disclosed the specific nature of the cybersecurity incident or confirmed whether the incident resulted in a data breach.
If you believe that you have been impacted by the Evolve Bank & Trust cybersecurity incident:
We would like to speak with you about your rights and potential legal remedies in response to this data breach. Please fill out the form, below, or contact us at 872.263.1100 or sam@straussborrelli.com.
