AdviceOne, LLC Announces Data Breach

Console and Associates, P.C.

Recently, AdviceOne, LLC reported that an unauthorized party was able to access the company’s network, as well as the sensitive consumer information contained therein. According to AdviceOne, the breach resulted in the following information belonging to 7,008 individuals being compromised: names, dates of birth, Social Security numbers, driver’s license numbers, bank account information, and usernames and passwords. On May 25, 2022, AdviceOne filed official notice of the breach and sent out data breach letters to all affected parties.

If you received a data breach notification, it is essential you understand what is at risk and what you can do about it. To learn more about how to protect yourself from becoming a victim of fraud or identity theft and what your legal options are in the wake of the AdviceOne data breach, please see our recent piece on the topic here.

What We Know About the AdviceOne Data Breach

According to the official notice filed by the company, on March 5, 2022, the company detected suspicious activity across its computer network. In response, AdviceOne launched an investigation into the incident with the assistance of cybersecurity specialists. This investigation confirmed that an unauthorized party was able to access the company’s network between February 23, 2022 and March 5, 2022.

After learning about the unauthorized access, AdviceOne then sought to determine if any sensitive information was accessible to the unauthorized party and, if so, what data types were leaked and who was affected. While the breached information varies depending on the individual, it may include your name, date of birth, Social Security number, driver’s license number, bank account information, and usernames and passwords.

On May 25, 2022, AdviceOne sent out data breach letters to all individuals whose information was compromised as a result of the recent data security incident.

More Information About AdviceOne, LLC

AdviceOne, LLC is a wealth management firm based in Glastonbury, Connecticut. AdviceOne provides its services to anyone; however, the company specializes in working with those who have built successful technical careers. The company provides a range of wealth management services and conducts periodic educational events designed to keep clients informed of the market and economy as a whole. AdviceOne employs more than 33 people and generates approximately $7 million in annual revenue.

What Are the Most Common Causes of Data Breaches?

Data breaches are receiving more attention than ever before. In large part, this is because it has been almost impossible to avoid seeing at least a few data breaches pop up on your news feed over recent months. However, despite the fact that data breaches affected more than 189 million people in 2021 alone, there is still a general lack of understanding when it comes to their causes—as well as their risks.

Data breaches can occur in several ways. Most often, hackers utilize either malware or ransomware attacks. Malware, or malicious software, is a general term used to describe any program that is intended to disrupt the normal operations of the user’s system. However, in the data breach context, malware programs are most often designed to leak information contained on the system and relay it back to the hackers who orchestrated the attack.

The other common cyberattack is a ransomware attack. Ransomware attacks use a specific type of malware that is installed on a victim’s device or network, at which point the program encrypts some or all of the victim’s files. This locks the victim out of their own device. Once the victim attempts to log on to their computer, they receive a message demanding they pay a ransom in exchange for regaining access to their computer.

While these two types of cyberattacks differ, the end goal is almost always the same: to obtain sensitive consumer information that can either be used or sold by hackers. The types of information that are most commonly sought after in these attacks include:

  • Bank account numbers,

  • Credit and debit card numbers,

  • Healthcare information.

  • Insurance information,

  • Names and addresses, and

  • Social Security numbers.

Given the importance of this information—and the relative ease with which hackers can use it to steal a victim’s identity—it is imperative data breach victims understand their rights and what they can do to protect themselves in the wake of a breach.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Console and Associates, P.C. | Attorney Advertising

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Console and Associates, P.C.

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