$4.5 Trillion Asset Manager Hacked: Over 77,000 Customer Records Compromised, Sparking Urgency for Decentralized Storage Solutions
Fidelity Investments confirmed that an unknown party accessed its database system and stole critical information related to more than 77,000 customers.
Fidelity Investments, a Massachusetts-based investment firm, manages over $4.5 trillion in assets globally. The company is known for its commitment to technology and innovation, particularly in the realm of digital assets and blockchain technology.
On October 9, 2024, the Fidelity Investments team disclosed via a filing with Maine’s attorney general that an unknown actor accessed information from its systems between August 17 and August 19 by using two customer accounts that they had recently created.
Following the suspicious activity detected, the team immediately took steps to terminate the access.
In a letter to the affected customers, they clarified that the team swiftly terminated the access and also confirmed that the unknown actor was not able to access customers’ Fidelity accounts.
In this data breach, a total of 77,099 customers were affected, and the hacker succeeded in stealing personal information such as driving license numbers and customer numbers.
Following this hacking incident with this giant fund manager, many crypto and blockchain enthusiasts have stated that the traditional financial sector needs to adopt blockchain technology to combat the challenges associated with traditional technology.
Some experts argue that currently available blockchain technology-powered decentralized storage solutions should be adopted to provide highly secure services.
As time progresses, it’s essential to understand the evolving needs of every sector, and financial experts must remain strong against the threat of hackers by adopting advanced technologies.
Currently, the top decentralized data storage solution crypto projects are Filecoin, Sia, Storj, IPFS, Ocean protocol, BitTorrent File System (BTFS), and Golem.
