Compliance September 11, 2024

Infosys Breach From 2023 Exposed Personal Data of 6 Million People

T. Rowe Price and New York Life were cited in a filing with the Maine Attorney General on previously reported breach at vendor.

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Infosys McCamish Systems LLC suffered an external system breach last year, described as hacking, that impacted T. Rowe Price Retirement Plan Services and several other vendor clients, according to a notification filed with the Office of the Maine Attorney General on Monday, amending a June 27 filing.

According to the latest filing, 6,078,263 people were impacted by the breach, which exposed personal information such as Social Security numbers, dates of birth, email addresses, usernames and passwords, driver’s license and passport numbers, biometric data and financial account information. More than 11,000 Maine residents were impacted, according to the filing.

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Infosys is a third-party vendor to T. Rowe Price, supporting its corporate and business operations. It also serves as an insurance service provider.

PLANADVISER/PLANSPONSOR had reported on the breach in November for T. Rowe Price and some other providers, and then reported that systems had come back online in December.

In addition to T. Rowe Price, the breach notification noted impact to New York Life Group Benefit Solutions, according to Monday’s filing, and Oceanview Life and Annuity Co., according to another June 27 filing. Those firms have not immediately responded to request for comment. Principal Life Insurance Co., Vanguard and Prudential Insurance Co. of America had also previously been reported as being hit by the breach those companies have not immediately responded to requests for comment.

According to the Monday filing, Infosys became aware that its systems were encrypted by ransomware on November 2, 2023. That same day, it began an investigation with the assistance of third-party cybersecurity experts, retained through outside counsel, to determine the nature and scope of the activity. Infosys notified law enforcement and stated that the incident has since been “contained and remediated.”

The investigation determined that unauthorized activity occurred between October 29, 2023, and November 2, 2023, and that data was subject to unauthorized access and acquisition.

In the notification to affected participants, Infosys stated it was providing 24 months of complimentary monitoring services through risk advisory firm Kroll. Infosys also noted that it was unaware of any instances since the incident occurred in which personal information was fraudulently used.

Deals & People September 10, 2024

Schroders Announces Richard Oldfield as Group Chief Executive

Oldfield was promoted from CFO to run the asset manager and will succeed Peter Harrison on November 8.

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Richard Oldfield

Schroders plc announced Monday that Richard Oldfield has been appointed as group chief executive of the asset manager and will succeed Peter Harrison on November 8.

Oldfield joined Schroders in 2023 as chief financial officer, responsible for firm-wide operations, including financial management, risk management, technology, capital and treasury. The firm intends to appoint a new CFO in the future.

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Oldfield was previously network vice chairman and global markets leader at PricewaterhouseCoopers, where he spent 30 years of his career. He had responsibility for all lines of service, client and industry programs and client portfolio optimization. He was also on PwC’s U.K. executive board for five years, during which time he was head of clients and markets and later head of strategy and communications.

Harrison will remain as group chief executive, a position he had held for about eight years, until November 8, at which point he will step down from the board. He will continue to work with Oldfield until the end of the year.

Schroders’ succession process began in April and involved a global search, including internal and external candidates, according to the announcement.

Elizabeth Corley, chair of Schroders, said in the announcement that the board was unanimous in choosing Oldfield, who was credited with growing the firm’s private and public markets capabilities, overseeing sustained growth in wealth business and more than doubling its assets under management to a record 773.7 billion pounds.

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