Clear Spring Data Breach Revealed: Key Facts to Understand

What You Need to Know

Clear Spring Life and Annuity Company announced a data breach in which an unauthorized party accessed consumers’ personal information, including names, addresses, dates of birth, Social Security numbers, and contract or policy numbers, as a result of a February 2023 ransomware attack.

  • Company Name: Clear Spring Life and Annuity Company
  • Date Filed: November 21, 2023
  • Number of People Affected: Unknown
  • Data Breached: Names, addresses, dates of birth, Social Security numbers, and contract or policy numbers

Who’s Affected & What Data Was Breached

Customers Affected

The specific number of customers affected by Clear Spring Life and Annuity Company’s data breach has not been disclosed. Individuals impacted by the incident were sent data breach notification letters on November 21, 2023.

Details of the Data Breach

The data accessed by an unauthorized party includes customers’ names, addresses, dates of birth, Social Security numbers, and contract or policy numbers. The types of compromised information may vary per individual.

Overview of Clear Spring Life and Annuity Company Data Breach

Initial Discovery and Response

Clear Spring Life and Annuity Company became aware of a ransomware attack on its computer network on February 9, 2023. The attack resulted in unauthorized access to their systems. Following the discovery, the company took immediate steps to secure the impacted systems and commenced an investigation with data security experts.

Investigating the Breach

The investigation by Clear Spring identified that an unauthorized party gained access to their IT network and extracted certain files containing confidential consumer information. This investigation was initially concluded in June 2023.

Extent of Compromised Information

As the review progressed, Clear Spring determined what specific types of information were compromised. The affected data consisted of names, addresses, dates of birth, Social Security numbers, and contract or policy numbers. Beyond the initial realization in June, further analysis revealed that additional individuals had been affected.

Notification of Affected Parties

On November 21, 2023, Clear Spring Life and Annuity Company issued notifications to the individuals whose information had been compromised. The company informed them through data breach notification letters, which included details of the information leaked for each victim.

Subsequent Action

Following the distribution of the notification letters, affected individuals were made aware of the risks and advised on how to protect themselves against potential identity theft and fraud. Clear Spring Life and Annuity Company also submitted a notice of the data breach to the Attorney General of California, signaling the serious nature of the incident.

Moving Forward

Clear Spring is expected to release more detailed information regarding the breach in the near future. In the meantime, they have addressed the immediate aftermath of the incident and are in the process of handling the consequences of the data leak.

More Information About Clear Spring Life and Annuity Company

Overview of the Company

Clear Spring Life and Annuity Company is a prominent player in the life insurance and annuity markets. Located in Zionsville, Indiana, Clear Spring offers a range of products designed to meet the financial security needs of its customers.

Parent Company and Operations

As a subsidiary within the larger framework of Group 1001 Insurance Holdings, LLC, Clear Spring benefits from the strength and resources of a significant insurance holding entity. Group 1001, the parent company, has an extensive portfolio with assets under management amounting to nearly $58 billion.

Employees and Revenue

The company employs a base of over 251 professionals who are dedicated to providing insurance and financial services. Their expertise contributes to Clear Spring’s ability to generate an impressive annual revenue figure, which is estimated to be around $67 million.

Customer Base

The customer base of Clear Spring Life and Annuity Company comprises individuals and families looking for reliable life insurance and annuity products. Customers rely on Clear Spring to deliver financial structures that support them through various stages of life.

Products and Services

Clear Spring specializes in life insurance policies and annuity contracts which are essential for long-term financial planning. Life insurance provides beneficiaries with financial support in the event of the policyholder’s death, while annuities offer a source of income during retirement, ensuring financial stability for their policyholders.

Financial Assurance

The products and services offered by Clear Spring are designed to give customers peace of mind. With the appropriate life insurance or annuity plan, clients can feel confident in their financial protection against the uncertainties of life.

Commitment to Clients

Clear Spring positions itself as a customer-centric organization, tailoring its services to fit the individual needs of each policyholder. The company’s mission is to uphold the financial wellbeing of its clients by offering customized and effective insurance solutions.

Responding to Challenges

In response to data security incidents, such as the recent data breach, Clear Spring Life and Annuity Company demonstrates its commitment to maintaining customer trust by taking immediate action to remedy the situation and prevent future occurrences.