1st Source Corp.’s 1st Source Bank has recently revealed its involvement in a cyberattack that affected numerous companies. The attack targeted Progress Software Corp.’s file-transfer software, known as MOVEit. As part of their internal operations and client services, 1st Source Bank utilized this software for secure file transfers.
In response to the incident, 1st Source Bank promptly patched the software following Progress’s protocols and implemented additional measures to mitigate the situation. The company is currently conducting an ongoing investigation into the matter.
Fortunately, the vulnerability has been successfully contained, and there is no evidence to suggest any impact on the company’s other information systems beyond the MOVEit application.
Following this announcement, shares of both 1st Source Corp. and Progress Software remained unchanged in the extended session, despite previously closing with slight gains of 0.1% and 0.9%, respectively. Cybersecurity experts have estimated that the breach of MOVEit has affected a considerable number of organizations worldwide.
Rest assured, 1st Source Bank is committed to safeguarding its clients’ interests and will continue to monitor the situation closely.
