On June 28, 2023, Wealth Enhancement Group (“WEG”) filed a notice of data breach with the Attorney General of Montana after discovering that an unauthorized party was able to access a standalone server in one of the company’s advisor team offices. In this notice, WEG explains that the incident resulted in an unauthorized party being able to access consumers’ sensitive information, which includes their full names, Social Security numbers, addresses, dates of birth, phone numbers, email addresses, driver’s license numbers, state identification numbers, and financial account numbers. Upon completing its investigation, WEG began sending out data breach notification letters to all individuals whose information was affected by the recent data security incident.
If you received a data breach notification from Wealth Enhancement Group, it is essential you understand what is at risk and what you can do about it. As we’ve discussed in previous posts, while all data beaches present certain risks, those that leak your Social Security number raise the greatest concern. This is because hackers can use your SSN along with whatever other information they can find about you to commit identity theft and other frauds. 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 Wealth Enhancement Group data breach.
What Caused the Wealth Enhancement Group Breach?
The Wealth Enhancement Group data breach was only recently announced, and more information is expected in the near future. However, WEG’s filing with the Attorney General of Montana provides some important information on what led up to the breach. According to this source, Wealth Enhancement Group recently learned that an unauthorized party was able to access a standalone server in one of the company’s advisor team offices.
In response, WEG secured its system, terminated all unauthorized access, and launched an investigation into the incident. On April 28, WEG determined that the incident was indeed a cyberattack and that it may have compromised confidential information in the company’s possession.
After learning that sensitive consumer data was accessible to an unauthorized party, Wealth Enhancement Group reviewed the compromised files to determine what information was leaked and which consumers were impacted. While the breached information varies depending on the individual, it may include your full name, Social Security number, address, date of birth, phone number, email address, driver’s license number or state identification number, or financial account numbers.
On June 28, 2023, Wealth Enhancement Group sent out data breach letters to anyone who was affected by the recent data security incident. These letters should provide victims with a list of which information of theirs was compromised.
More Information About Wealth Enhancement Group
Founded in 1997, Wealth Enhancement Group is an independent wealth management firm located in Plymouth, Minnesota. The company provides customized financial planning and investment management services to clients out of 75 branches located in 21 states. Wealth Enhancement Group employs more than 1,000 people and generates approximately $515 million in annual revenue.
