Two Major Canadian Banks Hacked. Are You Affected By The Latest Data Breach?

It was announced May 28th, 2018 that both CIBC-owned Simplii Financial and Bank of Montreal (BMO) were affected by a data breach, leaving over 90,000 customer accounts vulnerable. Keep reading for everything you need to know about this latest hack.

It was confirmed later that the hackers had threatened to release the data they obtained to criminals if they didn’t receive the 1 million dollar ransom on May 29th at midnight.

BMO released a statement stating they took steps immediately after the incident occured and are confident that the customer data has been closed off.

CIBC’s Simplii Financial also released a statement saying they were taking steps to address the issue but also urged customers to:

  • Always use a complex password and pin (e.g. not 12345)
  • Monitor their accounts for signs of unusual activity

Unfortunately, hacks like this are becoming a fact-of-life. They leave victims feeling frustrated and nervous. It is scary to think your information can be stolen without you knowing and often in ways that are out of your control. However there are ways to safeguard yourself:

  1. Run an up-to-date antivirus – we recommend McAfee because it is a leader in the antivirus industry and they work hard everyday to keep your private life safe and secure. Get a discount on McAfee Total Protection today.
  2. Update your passwords – we can’t stress this enough. Use strong, unique passwords across every site. We know this is difficult which is why we have a special deal with Dashlane Password Manager for free, it’ll allow you to generate and update your passwords with one click.
  3. If there is even a chance you have a virus, run a FixMeStick scan – viruses are designed to stay on your system undetected and hide from your antivirus which is why we recommend running FixMeStick once a month to make sure your computer is clean.