Industry News: ESG5

The Target: Financial services firm Paysign. Paysign brought in a revenue of about $12 million last quarter through its prepaid card programs, payment processing systems and digital banking services.

The Take: 1,242,575 records containing the full names of customers, addresses, dates of birth, phone numbers and account balances.

The Vector: A cybercriminal with the name “emo” claimed to have taken the data and leaked it on to a hacking forum. The company declined to provide any further information regarding how the attack occurred.

With the fintech industry experiencing rapid growth, this leak stands as a clear reminder of the critical role of robust cybersecurity measures. Fintech companies manage and store exceptionally sensitive customer data. This breach is a stark reminder of how authentication controls are in an overall robust cybersecurity posture, and that good password hygiene plays a pivotal role in protection.

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