What You Need to Know
Retool, a software company, experienced a data breach due to a phishing attack, compromising sensitive information from MG Stover and multiple investment funds, including names, Social Security numbers, addresses, email addresses, phone numbers, and dates of birth.
- Company Name: MG Stover
- Date Filed: September 29, 2023
- Number of People Affected: Unknown
- Data Breached: Names, Social Security numbers, addresses, email addresses, phone numbers, dates of birth
Who’s Affected & What Data Was Breached
Affected Customers
The breach at Retool impacted consumers associated with MG Stover and multiple investment funds, including those doing business with Off the Chain LP. The exact number of affected individuals has not been specified in the disclosure.
Compromised Data
Sensitive information of affected consumers was accessed by an unauthorized party. This information may include names, Social Security numbers, addresses, email addresses, phone numbers, and dates of birth. The specific details of the breached data may vary depending on the individual.
Overview of Retool Data Breach
Initial Discovery and Vendor Notification
On September 29, 2023, a data breach notification was filed by MG Stover with the Massachusetts Attorney General. MG Stover, a client of Retool, reported that an unauthorized party had accessed sensitive consumer information. This incident was linked back to a cybersecurity breach at Retool, a vendor for MG Stover.
The Phishing Attack
The breach was a result of a phishing attack on August 27, 2023, targeting Retool employees. The employees received deceptive text messages from the attackers posing as HR administrators, which led to the compromise of an employee’s login credentials. These credentials provided the attacker with the access needed to reach the sensitive data.
Retool’s Internal Response
Retool quickly began an investigation upon discovering the breach. They also reached out to MG Stover on September 20, 2023, to inform them of the incident. It took two days for MG Stover to ascertain that their data was among the information accessed by the hacker.
MG Stover’s Reaction
Upon confirmation, MG Stover and Retool proceeded to review the compromised data to identify the impacted consumers. The exposed personal details potentially included names, Social Security numbers, addresses, email addresses, phone numbers, and dates of birth. This review was part of their due diligence to understand the full scope of the breach.
Notification of Affected Parties
Retool took responsibility for notifying individuals involved in the breach. On September 29, 2023, they sent out letters to the victims, detailing the nature of the compromised information. This was a significant step in the response process, providing transparency and guidance for those affected.
Broader Impact
The data breach not only affected MG Stover but also had implications for other companies they do business with, including Off the Chain LP. While the notice provided by MG Stover referenced multiple investment funds, further details were not specified at this time.
The events following the Retool data breach unfolded in a series of disclosures and actions aimed at addressing the impact on consumers and clients. Both Retool and MG Stover actively worked to mitigate the effects and inform those affected by the cybersecurity incident.
More Information About MG Stover
Overview of MG Stover
MG Stover is a firm that provides comprehensive fund administration services for the financial sector. Their clientele consists mainly of hedge funds, private equity firms, family offices, and venture capital funds. The organization plays a critical role in offering back-office solutions and support, enabling their clients to focus on their core investment strategies.
MG Stover’s Services
This company is entrusted with various responsibilities that are imperative to the operation and management of investment funds. They deliver services such as accounting, reporting, and investor relations, which are crucial for maintaining transparency and compliance in the ever-evolving financial industry.
Client Usage
Clients use MG Stover primarily for their expertise in handling complex financial and tax-related matters that are associated with fund management. By outsourcing these tasks to MG Stover, investment funds can ensure accuracy and consistency in reporting, which is essential for both fund managers and investors.
Importance to the Investment Community
MG Stover’s role in the investment community is significant as they not only deal with the intricacies of financial administration but also help clients navigate regulatory environments. Their tailored services accommodate a variety of investment strategies and structures, a testament to their adaptability in the diverse field of fund administration.
Pertinence of Data Security
Given that MG Stover manages sensitive financial data, security measures are paramount. Their clientele relies on them to protect personal information as well as investment data, which, if compromised, could lead to potential financial losses and erosion of investor trust.
Impact of Data Breach on Clientele
A data breach, such as the one involving Retool, poses serious risks to MG Stover’s clients. As a repository of confidential information, the breach can have far-reaching implications, potentially exposing investors to identity theft and fraudulent activities. It underscores the importance of cybersecurity in the context of financial services.
Steps Post-Breach
In the wake of the Retool data breach, MG Stover has taken steps to inform affected parties and is taking the necessary actions to mitigate any adverse effects. The swift response involves assessing the extent of the breach and coordinating with legal and cybersecurity experts to fortify data protection measures.