SLIM CD, a prominent payment gateway provider based in Coral Springs, Florida, has revealed that it suffered a major cyberattack affecting over 1.7 million customers. The breach, which spanned from August 2023 to June 2024, exposed a trove of sensitive personal and financial information, including names, addresses, and credit card details.
SLIM CD confirmed that unauthorized access to their network allowed attackers to obtain critical data such as credit card numbers and expiration dates. While the company has not specified the exact tactics used by the intruders, cybersecurity experts suspect that phishing, malware, or social engineering techniques might have played a role.
In its “Data Event” notice, SLIM CD outlined the potential impacts of the breach and advised customers to be vigilant. Affected individuals are encouraged to monitor their accounts for unusual activity, including unauthorized transactions or changes to personal information. To aid in mitigating the risks, the company is offering free credit monitoring services to those impacted.
James McQuiggan, Security Awareness Advocate at KnowBe4, weighed in on the breach, highlighting critical areas for improvement. “Organizations need to address the identification of cybersecurity gaps, especially regarding monitoring and the early threat detection process. When organizations realize that cybercriminals are inside their network for long periods, there is a gap with continuous security monitoring. Accompanied by a robust Security Incident Event Management (SIEM) system integrated with threat intelligence, the breach could have been detected sooner.”
McQuiggan further emphasized the importance of robust security practices. “Organizations must ensure that protecting their intellectual property or customer data is the highest level, and using the highest level of security will significantly reduce the risk of an attack. All human interactions must use proper account management, such as multi-factor and non-phishable authentication (MFA). Organizations with sensitive data must employ proactive, layered security measures, combining technology solutions with user education and fast incident response practices to stand up against cyber threats.”
The SLIM CD breach underscores a growing threat landscape in the digital age. As personal and financial information becomes increasingly digitized, the need for businesses to implement strong, multi-faceted security measures is more critical than ever. The breach serves as a stark reminder of the importance of investing in effective cybersecurity technologies and maintaining vigilance against ever-evolving cyber threats.