NCB Management Services Inc.

NCB Management Services Inc. faced a 2023 data breach that exposed the personal information of over 1.6 million Bank of America customers. The incident led to a $2.625 million settlement after a lawsuit alleged negligence in safeguarding sensitive data. Affected individuals—part of the settlement class—became eligible for reimbursement of up to $2,500 for documented financial losses tied to the breach or an alternative cash payout from the settlement fund. The breach’s fallout included potential identity theft risks, financial fraud, and reputational harm for both NCB and Bank of America. A U.S. District Court judge approved the settlement, underscoring the breach’s severe consequences for customer trust and regulatory compliance. The exposed data likely included personally identifiable information (PII), heightening vulnerabilities for the victims.

Source: https://news.bloomberglaw.com/litigation/ncb-managements-2-6-million-data-breach-deal-gets-final-nod

TPRM report: https://www.rankiteo.com/company/ncb-management-services-inc.

"id": "ncb4392143100125",
"linkid": "ncb-management-services-inc.",
"type": "Breach",
"date": "6/2023",
"severity": "85",
"impact": "4",
"explanation": "Attack with significant impact with customers data leaks"

{'affected_entities': [{'customers_affected': '1.6+ million (Bank of America '
                                              'customers)',
                        'industry': 'Financial Services',
                        'name': 'NCB Management Services Inc.',
                        'type': 'Service Provider'},
                       {'customers_affected': '1.6+ million',
                        'industry': 'Banking',
                        'name': 'Bank of America',
                        'type': 'Financial Institution'}],
 'customer_advisories': 'Settlement notices and reimbursement eligibility '
                        'communications',
 'data_breach': {'data_exfiltration': 'Yes',
                 'number_of_records_exposed': '1.6+ million',
                 'personally_identifiable_information': 'Yes',
                 'sensitivity_of_data': 'High',
                 'type_of_data_compromised': 'Personal information'},
 'description': 'NCB Management Services Inc. will pay $2.625 million to '
                'settle a lawsuit alleging it negligently failed to protect '
                'the personal information of more than 1.6 million Bank of '
                'America customers that was exposed in a 2023 data breach. '
                'Members of the settlement class are eligible for '
                'reimbursement of up to $2,500 for documented out-of-pocket '
                'losses from the breach, or an alternative cash payment from '
                'the net settlement fund.',
 'impact': {'brand_reputation_impact': 'Negative (settlement and public '
                                       'disclosure)',
            'customer_complaints': 'Lawsuit filed by affected customers',
            'data_compromised': 'Personal information of 1.6+ million Bank of '
                                'America customers',
            'financial_loss': '$2.625 million (settlement)',
            'identity_theft_risk': 'High (personal information exposed)',
            'legal_liabilities': '$2.625 million settlement, reimbursement '
                                 'claims up to $2,500 per affected individual'},
 'investigation_status': 'Settled (2024)',
 'references': [{'source': 'US District Court for the Eastern District of '
                           'Pennsylvania'}],
 'regulatory_compliance': {'legal_actions': 'Class-action lawsuit settled for '
                                            '$2.625 million'},
 'response': {'recovery_measures': 'Settlement fund ($2.625 million) and '
                                   'reimbursement program'},
 'title': 'NCB Management Services Data Breach (2023)',
 'type': 'Data Breach'}