MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Tuesday, July 29, 2025 Hacking Hits a Midwestern ETF Shop's Parent The team at a multinational insurer's U.S. arm, one with its own ETF business, suffered a cybersecurity breach less than two weeks ago. On Friday (July 25), the folks at Allianz Life Insurance Company of North America (parent of Allianz Investment Management) publicly informed the Office of the Maine Attorney General of a recent data breach at Minneapolis-based Allianz Life, and yesterday (July 28) the Allianz Life team notified the office of the Attorney General of Texas. Per the report to the Maine AG, the breach took place on July 16 and was discovered the next day, on July 17. Allianz Life's filing with the Maine AG identifies Alexander Sand, attorney at Eversheds Sutherland, as the one who submitted the notice. Sands tells MFWire that he doesn't know about the data breach and that he's referring MFWire's inquiry to someone who is handling media inquiries. When asked about the data breach's effects on the ETF business from Allianz Life's AllianzIM, an Allianz Life spokersperson writes: "Based on our investigation to-date, there is no evidence the Allianz Life network or other company systems were accessed, including our policy administration system": On July 16, 2025, a malicious threat actor gained access to a third-party, cloud-based CRM system used by Allianz Life Insurance Company of North America (Allianz Life). The threat actor was able to obtain personally identifiable data related to the majority of Allianz Life's customers, financial professionals, and select Allianz Life employees, using a social engineering technique. We took immediate action to contain and mitigate the issue and notified the FBI. Based on our investigation to-date, there is no evidence the Allianz Life network or other company systems were accessed, including our policy administration system. Our investigation is ongoing and we began the process of reaching out to individuals impacted with dedicated resources to assist them. This incident is related only to Allianz Life in the U.S., which currently has 1.4 million customers. Allianz Life's notice to the Maine AG says that an unknown number of people, including an unknown number of Maine residents, are affected by the recent breach. Yet per Allianz Life's filing with the Texas AG, one Texas resident has been affected by the data breach. That notice also indicates that the affected information includes the name of the individual, the address, Social Security Number information, and the date of birth. Per Allianz Life's notice to the Maine AG, the Allianz Life team will send out a notice on August 1 (i.e. this Friday) to affected individuals. "The consumer notice will be provided once Allianz has identified the affected individuals," Allianz Life's Maine AG filing reveals. The Allianz Life team will offer affected individuals 24 months of identity theft restoration and credit monitoring through Kroll. Printed from: MFWire.com/story.asp?s=70211 Copyright 2025, InvestmentWires, Inc. All Rights Reserved |