Index Fund Advisors, Inc. Data Breach Prompts Investigation into Class Action Lawsuit

MARLTON, N.J. - Feb. 1, 2022 - PRLog -- The law firm of Console & Associates, P.C. announced that it will be investigating the Index Fund Advisors, Inc. data breach to determine what legal remedies, if any, will be available to consumers affected by the breach. If it turns out that Index Fund Advisors, Inc. failed to adequately protect individuals' sensitive data from unauthorized access, the company may be financially liable to individuals whose information was compromised as a result of the breach.

A data breach occurs when an unauthorized party gains access to the consumer data in a company's computer networks. These security incidents often result from a person hacking into a company's network.

While a data breach doesn't necessarily mean that the information obtained will be used for criminal purposes, one of the most common reasons hackers conduct cyberattacks is to obtain information that can be used to commit identity theft.

Often, the data accessed through a breach is either retained by the party orchestrating the cyberattack or sold to another party. In either case, there is no way to be sure what the party in possession of the information plans to do with it, and affected consumers are at an increased risk of experiencing identity theft or other financial losses.

The investigation into the breach is ongoing, but this cybersecurity incident raises serious concerns about the company's efforts to safely store and maintain sensitive consumer data. If it turns out that Index Fund Advisors, Inc. has in some way mishandled or failed to protect consumer data, affected parties may be eligible for financial compensation through a data breach class action lawsuit.

Attorney Richard Console explains, "It's easy to place all the blame for a data breach on the person who hacks into an organization's system; however, this ignores the legal and moral obligation that these companies owe to customers. When someone gives a company their business, they trust that the information in the organization's possession will remain private—and out of the hands of criminals. While protecting consumer data requires a business to undergo some effort and expense, in our current environment of widespread hacking, this is a cost of doing business that all organizations must take seriously."

According to Index Fund Advisors, Inc.'s data privacy incident notice, the company reported that it had experienced a data security event on August 5, 2021. However, many details about the breach are not yet known, including how the hacker may be intending to use the data that was breached. Further investigation ultimately revealed that the sensitive information of approximately 10,968 individuals was compromised.

The compromised information may have included individuals':

• Names or other personal identifiers
• Financial account numbers
• Debit card numbers or credit card numbers
• Security codes, access codes, passwords, or PINs

On January 6, 2022, the company sent out data breach notifications to all affected parties, informing them of the breach and what they can do to protect themselves. Those receiving a data breach letter from Index Fund Advisors, Inc. should take the following steps:

1. Carefully review the entire letter;
2. Retain a copy of the data breach notification letter;
3. Enroll in any free credit monitoring or identity fraud protection service provided by the company involved in the security incident;
4. Change all passwords and security questions to online accounts;
5. Frequently review all credit card and bank account statements for any signs of fraud or unauthorized activity;
6. Monitor credit reports for any unexpected changes or signs of identity theft;
7. Contact a credit bureau to request a temporary fraud alert; and
8. Notify all banks and credit card companies of the data breach.

To learn more about this data breach and investigation, please visit https://www.myinjuryattorney.com/data-breach-alert-index-fund-advisors-inc/.

Consumers can reach Console & Associates, P.C. through the firm's website at https://www.myinjuryattorney.com/contact-us/.

Console & Associates P.C. is dedicated to protecting consumers' privacy interests. The firm investigates all types of data breaches, ransomware attacks, and other network intrusions to determine the legal rights of consumers who trusted corporations with their sensitive information. For more information, interested parties may visit https://www.myinjuryattorney.com/consumer-privacy-data-breach-lawyers/.