Cyber for Plan Sponsors

Digital Banking App Dave Suffers from Security Breach


The banking app Dave announced they had encountered a security breach after a cyber-hacker published the sensitive information of over seven million users on a public forum. The company stated the security breach stemmed from a former business partner’s network, Waydev, and is notifying its customers of the data breach. The app is also resetting passwords that were exposed by the hacker.

Per Dave, as soon as the company was aware of the incident, they immediately launched an investigation and coordinated with law enforcement to find out who the malicious party was. Deemed “ShinyHunters,” the hackers were the same group who leaked or stole data from other major companies, such as Tokopedia, Mathway, and Wishbone.

Thankfully, the company stated they have no evidence to suggest hackers utilized the data to gain access to user accounts and complete any unauthorized actions. However, Dave is now forced to update its security measures and take many more precautions in the future.

At Colonial Surety Company, we never want your company to be unprepared in the event a cyber-breach occurs. That’s why we have cyber liability insurance for plan sponsors! Cyber liability insurance covers fiduciaries in the event of a claim or breach and protects the employee benefit plan in full. Our Cyber liability insurance only comes in our two-to-three year ERISA bond packages, which include ERISA coverage, fiduciary liability insurance, and cyber liability insurance, to give you the best value of coverage you can’t get anywhere else! get the ERISA plan coverage your company and its employees deserve.