Italy's largest bank, UniCredit has suffered a massive data breach involving 400,000 user accounts.
The data breach which is seen as one of the biggest breaches in European banking, affected hundreds of thousands of UniCredit customers. The perpetrators of the hack gained access to biographical and loan data of UniCredit's clients.
A statement released by UniCredit read:
"A first breach seems to have occurred in September and October 2016 and a second breach which has just been identified in June and July 2017. Data approximately 400,000 customers in Italy is assumed to have been impacted during these two periods."
No data, such as passwords allowing access to customer accounts or allowing for unauthorized transactions has been affected, whilst some other personal data and IBAN [account] numbers might have been accessed"
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The bank discovered the breach when they found that users from third party were looking through clients data which suggests that the hack was conducted by a third-party supplier affiliated with the bank.
UniCredit has stated that they will be investing €2.3 billion into upgrading and strengthening its IT systems. With the GDPR being enforced next year by the European Union, banks will have to strengthen their IT systems to avoid huge fines if a breach were to occur.
UniCredit bank will be reaching out to its affected customers.