On November 17, 2023, Forward Bank filed a notice of data breach with the Attorney General of Maine after discovering that an unauthorized party was able to access certain files on the company’s computer network. In this notice, Forward Bank explains that the incident resulted in an unauthorized party being able to access consumers’ sensitive information. Upon completing its investigation, Forward Bank began sending out data breach notification letters to all individuals whose information was affected by the recent data security incident.

If you receive a data breach notification from Forward Bank, it is essential you understand what is at risk and what you can do about it. As we’ve mentioned in previous posts, companies have an affirmative duty to protect the confidential information in their possession. When a company fails to take the necessary steps to protect consumer data, it may be liable to victims through a data breach lawsuit. A data breach lawyer can help you learn more about how to protect yourself from becoming a victim of fraud or identity theft, as well as discuss your legal options following the Forward Bank data breach.

What Caused the Forward Bank Data Breach?

The Forward Bank data breach was only recently announced, and more information is expected in the near future. However, Forward Bank’s filing with the Attorney General of Maine provides some important information on what led up to the breach. According to this source, on September 10, 2023, Forward Bank detected a network disruption. In response, Forward Bank notified the FDIC and the FBI and then launched a full-scale investigation into the incident with the help of third-party cybersecurity specialists.

Forward Bank’s investigation confirmed that an unauthorized party was able to access portions of its network on September 6, 2023, and that the unauthorized party may have acquired confidential customer data while in its network.

After learning that sensitive consumer data was accessible to an unauthorized party, Forward Bank reviewed the compromised files to determine what information was leaked and which consumers were impacted. Forward Bank completed this process on October 27, 2023.

Then, on November 17, 2023, Forward Bank sent out data breach letters to anyone who was affected by the recent data security incident. While the publicly available data breach letter does not indicate what data types were leaked, the individual letters addressed to victims will provide a list of what information was compromised.

More Information About Forward Bank

With roots dating back to 1919, Forward Bank is a financial institution headquartered in Thorp, Wisconsin. Forward Bank provides standard banking services to individual and business clients, including checking and savings accounts, personal loans, mortgages, credit cards, investment products and insurance products. Forward Bank operates approximately 15 branches in Athens, Colby, Dorchester, Greenwood, Marshfield, Medford, Park Falls, Phillips, Rib Lake, Stanley, Thorp, Three Lakes and Withee. Forward Bank employs more than 96 people and generates approximately $23 million in annual revenue.