Virginia-based community bank MainStreet Bancshares had information from almost 5% of its customers compromised following an attack against a third-party vendor in March, according to The Record, a news site by cybersecurity firm Recorded Future.
Despite not detailing the extent of the incident, MainStreet Bank said that its investigation revealed that none of its systems had been compromised and that there had been no evidence suggesting unauthorized transactions or stolen funds. All activities with the impacted vendor have also been immediately ended following the intrusion, said MainStreet Bank in a filing with the U.S. Securities and Exchange Commission. Such a disclosure comes days after the SEC was urged by five banking groups to revoke cyber incident reporting requirements for banking organizations. Aside from prompting increased costs, hasty cyber incident notifications have also been weaponized by threat actors against the sector. "The premature disclosure has harmed registrants and at the same time failed to provide the market with meaningful or actionable information upon which to make investment decisions," said the groups.
Despite not detailing the extent of the incident, MainStreet Bank said that its investigation revealed that none of its systems had been compromised and that there had been no evidence suggesting unauthorized transactions or stolen funds. All activities with the impacted vendor have also been immediately ended following the intrusion, said MainStreet Bank in a filing with the U.S. Securities and Exchange Commission. Such a disclosure comes days after the SEC was urged by five banking groups to revoke cyber incident reporting requirements for banking organizations. Aside from prompting increased costs, hasty cyber incident notifications have also been weaponized by threat actors against the sector. "The premature disclosure has harmed registrants and at the same time failed to provide the market with meaningful or actionable information upon which to make investment decisions," said the groups.
