Posted On March 25, 2022 Consumer Privacy & Data Breaches
March 25, 2022 – Recently, Charles Schwab & Co. Inc. announced a data breach stemming from a problem with the company’s email and chat messages, resulting in the sensitive information of certain individuals being compromised.
It is essential those who receive a data breach notification from Charles Schwab understand what is at risk. The data breach lawyers at Console & Associates, P.C. are actively investigating the Charles Schwab data breach. As a part of our investigation, we are providing free consultations to anyone affected by the breach who is interested in learning more about the risks of identity theft, what they can do to protect themselves, and what their legal options may be to obtain compensation from Charles Schwab.
In 2021, there were 1,862 data breaches affecting more than 189,000,000 individuals. Victims of identity theft spend, on average, 200 hours and more than $1,300 recovering their identity. Many of these victims also suffer credit damage, emotional distress, and may even end up with a criminal record. Taking immediate action is the best way to prevent the worst consequences of a data breach.
According to an official filing by the company, on December 16, 2021, Charles Schwab detected an issue with the company’s email and chat messaging programs. In response, Charles Schwab looked into the incident and discovered that between May 18, 2021 and December 16, 2021, certain email and chat messages sent through Schwab.com were sent to external email addresses.
Upon learning of the extent of the security breach, Charles Schwab then reviewed the affected messages to determine what information was compromised. While the compromised information varies based on the consumer, it may include your name, Social Security number or tax identification number, driver’s license or other state identification number, passport number, or username/password.
On March 23, 2022, Charles Schwab began sending out data breach notification letters to all individuals whose information was compromised as a result of the recent data security incident.
Charles Schwab is one of the largest financial services companies in the United States, managing more than $7.69 trillion in assets. The company hosts more than 33.4 million brokerage accounts and averages 6.1 million trades each day. In addition to brokerage services, Charles Schwab also offers traditional banking products online and through its retail banks. Charles Schwab was founded in San Francisco, California, but is currently based out of West Lake, Texas. The company employs more than 34,000 people and generates over $11 billion in annual revenue.
When you allowed Charles Schwab access to your personal data, you trusted the company to keep your sensitive information safe. However, news of the Charles Schwab data breach raises some very serious questions about the company’s data security measures and whether the company could have done more to prevent this type of cyber-attack.
Regardless of the industry, all businesses have a legal obligation to protect consumer information in their possession. Although creating and maintaining a data security system is costly, this is a necessary expense given the frequency with which cyberattacks occur.
Consumers whose personal, identifying, financial or healthcare-related data was compromised in a data breach can pursue legal action against a company that misused or mishandled their information. However, the investigation into the Charles Schwab breach is only in its beginning phases. For that reason, it is too early to tell if Charles Schwab was legally responsible for the breach. However, our data breach attorneys are investigating the Charles Schwab security breach to determine the potential legal remedies of those affected.
If you have questions about your ability to pursue a data breach class action lawsuit against Charles Schwab, contact a data breach attorney as soon as possible.
If you receive a data breach notification from Charles Schwab in the coming weeks, it means your personal data was among that which was compromised in the recent cyberattack. It also means a cybercriminal may have had access to—and may have stolen—your personal data. Given the risks involved, it is important you remain vigilant by taking the following steps:
At Console & Associates, P.C., our consumer privacy lawyers monitor all security and data breaches to help affected consumers pursue their legal remedies. We offer free consultations to victims of data breaches and can explain your rights in clear, understandable terms so you can make an informed decision about how to proceed with your case. If you’ve been affected by the Charles Schwab data breach or any other data security incident, Console & Associates, P.C., will investigate your case at no charge and offer you thorough advice about how to most effectively proceed with your case. If you decide to bring a case, we only get paid if you do. If your claim is successful, any legal fees are either paid by the defendant or come out of the funds recovered from the defendant. If your claim doesn’t result in a recovery, you will pay nothing.