Posted On March 1, 2022 Consumer Privacy & Data Breaches

Data Breach Alert: Gitterman Wealth Management, LLC

March 1, 2022 – Recently, Gitterman Wealth Management, LLC (“Gitterman”) announced one of the company’s employees was the target of an email phishing attack resulting in an unauthorized party gaining access to emails and attachments containing sensitive consumer information. Those impacted by a data breach should be sure they understand what happened, what their rights are, and how they can pursue them. The data breach lawyers at Console & Associates, P.C. are actively investigating this security breach. As a part of the investigative process, our attorneys will be interviewing any victims of the breach to determine what harm was caused and whether they are eligible to bring a data breach class action lawsuit against Gitterman Wealth Management.

What We Know So Far About the Gitterman Wealth Management Data Breach

According to an official filing by the company, Gitterman Wealth Management first learned of the incident when it became aware of emails sent from an employee’s account without her knowledge. In response, the company launched an internal investigation to determine the nature and scope of the incident, and what, if any, consumer information was compromised as a result.

The investigation revealed that, on August 23, 2021, a Gitterman employee responded to a phishing email, providing her login credentials. Shortly thereafter, an unauthorized party began using the employee’s credentials to log in to her account, accessing her emails. Gitterman notes that the unauthorized party had access to the employee’s email account between August 25, 2021 and September 10, 2021.

Upon learning of the extent of the security breach, Gitterman Wealth Management then reviewed the affected files in the employee’s email account to determine what information was compromised. While the compromised information varies by consumer, it may include their name, Social Security number and financial account information.

On February 28, 2022, Gitterman Wealth Management began sending out data breach notification letters to all individuals whose information was contained in the affected files.

Gitterman Wealth Management is a financial services company based in Edison, New Jersey. The company was founded by Jeff Gitterman and Eli Rauch in 2010 and provides a wide range of services, primarily to higher net-income individuals, those in the academic community, and business owners. The company is known for focusing on investments that are sustainable and offer a higher-than-average rate of return for its customers.

Can Consumers Whose Data Was Leaked Pursue Legal Action Against a Company?

When you allowed Gitterman Wealth Management access to your personal data, you trusted the company to keep your sensitive information safe. However, news of the Gitterman Wealth Management 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 Gitterman breach is only in its beginning phases. For that reason, it is too early to tell if Gitterman Wealth Management was legally responsible for the breach. However, our data breach attorneys are investigating the Gitterman Wealth Management 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 Gitterman Wealth Management, contact a data breach attorney as soon as possible.

What to Do If You Received a Data Breach Notification from Gitterman Wealth Management

If you receive a data breach notification from Gitterman Wealth Management 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:

1. Figure Out What Information Was Stolen: Carefully review the data breach letter sent by Gitterman Wealth Management, keeping in mind the information you provided to the company as well as the type of data that was compromised in the breach. You should also take a copy of the data breach letter and keep it for your records. Of course, data breach letters are not always easy to understand. A consumer privacy lawyer can help victims of a data breach understand what was compromised and how to protect themselves.
2. Prevent the Hacker from Accessing Your Accounts: Once you determine the scope of the breach and how it affected you, you should take all steps to prevent cybercriminals from accessing your credit or financial accounts. For example, you should change all passwords and security questions for your online accounts. You should also consider setting up multi-factor authentication where it is available.
3. Protect Your Credit and Your Financial Accounts: In the wake of a data breach, companies usually provide free credit monitoring services for a specified period of time. This is not a gimmick, and you do not give up any rights by taking a company up on their offer. Additionally, you should contact one of the three main credit bureaus to request a copy of your credit report. Even if you do not notice any signs of fraud or unauthorized activity, it is a good idea to request a fraud alert. Fraud alerts are free and serve as a red flag to potential lenders and creditors that your information was compromised.
4. Consider a Credit Freeze: A credit freeze prevents access to your credit report unless you specifically authorize it. Credit freezes are free and last until you remove them. While placing a credit freeze on your accounts may initially seem like a drastic measure, according to the Identity Theft Resource Center (“ITRC”), doing so is the “single most effective way to prevent a new credit/financial account from being opened.” However, ITRC reports that just 3% of consumers whose information is leaked place a freeze on their accounts. Once a credit freeze is in place, you can temporarily lift the freeze if you need to apply for any type of credit.
5. Regularly Monitor Your Credit Report and Financial Accounts: Protecting yourself in the wake of a data breach is not a one-time task. You should continually monitor your credit report and all financial accounts, keeping an eye out for any signs of unauthorized activity or fraud. You may also consider calling your banks and credit card companies to report the fact that your information was compromised in a data breach.

If You Have Questions About Your Rights Following the Gitterman Data Breach, Console & Associates, P.C. Can Help

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 Gitterman Wealth Management 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.

To schedule your free consultation, just call (866) 778-5500 today or fill out our secure contact form.