Central Securities Corporation, a closed-end management investment company based in New York, recently reported a data breach to the Attorney General of Massachusetts. The breach was identified on May 20, 2024, when the company discovered unauthorized activity within its internal systems. Central Securities launched an investigation to understand the nature of the breach and found that the incident had occurred earlier, around April 17, 2024. An unauthorized third party gained access to the company’s systems through a legitimate vendor account and removed sensitive data by May 20, 2024.
The company’s investigation revealed that the unauthorized third party used the vendor’s authorized access to extract various personal information from the internal systems. The data involved in the breach included individuals’ names, Social Security numbers, addresses, and stockholder account numbers. Central Securities has since reviewed the affected data and identified those individuals impacted by the breach. The company is taking steps to notify all individuals who may have been affected by the compromised information.
To mitigate any potential risks, Central Securities began mailing data breach notification letters to impacted individuals on September 30, 2024. As part of the notification, the company is offering 24 months of complimentary credit monitoring services to help those affected monitor their personal information. Although there is no evidence to suggest that the compromised information has been misused, the company is taking proactive measures to enhance its security and prevent future breaches.
Founded in 1929, Central Securities is a long-standing investment company that manages more than $1.4 billion in assets. The company specializes in investing in undervalued equity securities with the potential for growth. With a focus on capital growth, Central Securities continues to invest in diverse assets while reinforcing its cybersecurity efforts to protect client information and prevent further incidents.
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