A user within the world of hacking forums has asserted that they have gained unauthorized access to the database of VettaFi, a notable finance company.
The VettaFi data breach, which is speculated to have occurred recently, could potentially expose sensitive user information to malicious actors.
The hacker has reportedly made the compromised data available for sale on the dark web, claiming to possess confidential details such as usernames, emails, and hashed passwords associated with the VettaFi platform.
VettaFi data breach exposes millions of records
The VettaFi data breach was first brought to light when a user on the dark web channel stated that the threat actor can access 60 million records.
The gravity of the situation is further underscored by the fact that the hacker claims to possess a staggering 270,000 user records along with their corresponding credentials.
The Cyber Express has reached out to the company to confirm the VettaFi data breach.
However, at the time of writing this, no official response or statement had been received, leaving the claims for the VettaF data breach unverified.
VettaFi, previously known as ETF Database (ETFdb.com), is a well-established web-based research and analysis firm catering to individual investors, financial advisors, and institutional investors.
The VettaF data breach reportedly compromised seven distinct databases, exposing a significant portion of the platform’s user base to potential risks.
The leaked data encompasses crucial information like user payments, holdings data for both VettaFi and its partners, and asset valuation data for users and partner companies.
VettaFi data breach and the need to protect the finance sector
VettaFi has gained prominence within the finance sector due to its specialization in providing investment advice, indexing services, and distribution strategies tailored to veterans and entrepreneurs.
The company’s impressive journey is evidenced by its initial funding round, which successfully raised a total of $175 million. Notably, this round of funding was supported by two key investors, with TMX Group leading the investment initiative.
Significant acquisitions also mark the growth trajectory of VettaFi. The company acquired Advisor Perspectives on October 20, 2022, followed by the acquisition of ROBO Global on April 6, 2023. These strategic moves underscore VettaFi’s commitment to expanding its presence and influence within the finance industry.
However, the VettaFi data breach is not an isolated incident within the finance sector for 2023. This year has witnessed an alarming trend of cyber attacks targeting finance-related companies.
Recent data from cybersecurity experts at SentinelOne indicates that financial institutions have become the second most targeted sector regarding reported data breaches.
The impact of these breaches has been felt globally, with institutions in the United States, Argentina, Brazil, and China being particularly affected.
These attacks have surged from 55% in 2022 to a staggering 64% in 2023, nearly doubling the 34% reported in 2021.
Alarmingly, only 1 in 10 of these attacks were thwarted before encryption took place, leaving a substantial 81% of organizations vulnerable to data encryption.
The financial ramifications of these breaches are also substantial, with the finance sector incurring the second-highest costs among all industries, totaling a staggering $5.9 million.
Media Disclaimer: This report is based on internal and external research obtained through various means. The information provided is for reference purposes only, and users bear full responsibility for their reliance on it. The Cyber Express assumes no liability for the accuracy or consequences of using this information.
