Not the sort of thing that I would normally post, but I'm a Patelco customer and have not had any online banking services for two weeks. Personally, I'm fine. But just a reminder that we all need to be mindful of cybersecurity in this digital world.
By Jessica Flores, Reporter Updated July 12, 2024 10:00 p.m.- SF Chronicle
Nearly two weeks after a cyberattack on Bay-Area based Patelco, the credit union is struggling to restore normal banking services for its half-million members, some of whom already are seeking damages in court.
The ransomware attack hit Patelco, the third-largest credit union in the region with more than $9 billion in assets, on June 29. It shut down online banking for Patelco’s members and rendered them unable to access their accounts for basic activity like viewing their balances, making electronic transfers and scheduling new online bill payments.
While Patelco says its members’ deposits are safe, it has not said whether any personal data was breached. Meanwhile, the credit union has been hit with at least half a dozen lawsuits filed by customers, who are alleging that Patelco failed to protect their private information and are demanding better cybersecurity measures. A U.S. District Court judge on Thursday denied a motion to join two of the suits seeking class-action status.
But some members in the Bay Area said this week that, despite the uncertainty and inconvenience during the slow recovery, they were planning to stick with Patelco, for a variety of reasons. Some expected business as usual after the disruption is resolved; some cited credit union loyalty; and some said there’s no point in going elsewhere since no bank is hacker-proof.
According to experts, the Patelco breach sheds light on the increasing cybersecurity risks faced by all financial institutions — and what they and their customers can do to help protect themselves.
Massive Patelco cyberattack is still affecting half a million people. Here’s how to protect yourself
Greg