Recently, Lincoln National Corp. revealed a data breach that could affect over one million customers. Lincoln National is a financial services company based in Radnor, PA. The security breach may have resulted in the leaking of personal data for 1.2 million Lincoln National customers. According to lawyers for Lincoln National, an unidentified source reported the security breach to the Financial Industry Regulatory Authority (FINRA) in August 2009.
Kroll, which is a forensic security company, was hired to investigate the Lincoln National security breach. The investigation showed that Lincoln National and one of its subsidiaries, Lincoln Financial Advisors, were sharing usernames and passwords to access the portfolio information management system. The system administration team had created and distributed the usernames and passwords for home office and support staff. The investigation did not reveal that people outside the company had used the data.
According to Lincoln National, it is no longer using shared usernames and passwords in its system. Lincoln National also says that it has notified its customers of the security breach, and that affected customers have been offered identity theft services.