Franklin Templeton Canada Notifies Customers of Data Breach at Third-Party Vendor
- Franklin Templeton Canada alerts nearly 90,000 customers of a data breach at third-party vendor InvestorCOM, assuring that investments remain unaffected.
- In response to the breach, the company has implemented enhanced protection protocols and is urging customers to remain vigilant for any unauthorized activity in their accounts.
TORONTO, ONTARIO – Franklin Templeton Canada has alerted nearly 90,000 customers to a data breach incident involving a third-party vendor, InvestorCOM. The financial services company has assured its customers that their investments and holdings have not been affected.
According to the details provided to the Maine Attorney General’s office by Franklin Templeton Canada’s attorney, the breach occurred on January 30, 2023, but was only discovered on April 4, 2023. The incident reportedly involved a cybersecurity vulnerability in the managed file transfer service, GoAnywhere, used by InvestorCOM. This same vulnerability has impacted numerous organizations worldwide.
Franklin Templeton Canada uses InvestorCOM’s services to coordinate the delivery of its Canadian funds’ public disclosure documents. The cybersecurity breach allowed unauthorized access to specific customer data. However, the company insists that the incident did not affect its own systems.
The breach revealed personal information related to customers’ Franklin Templeton accounts, including names, addresses, and account numbers. The company stressed that it had not shared sensitive data, such as Social Insurance Numbers or birth dates, with InvestorCOM, and therefore, such details were not compromised.
Upon learning about the breach, Franklin Templeton Canada activated its incident response protocols, launched an investigation, and gathered pertinent information from InvestorCOM. The company has since implemented additional measures for its customer accounts, including enhanced protection protocols for due diligence and monitoring.
“We have reported this incident to privacy, securities, and financial regulatory authorities, and we have been informed that InvestorCOM has also reported it to law enforcement,” the company stated. It has also notified the affected customers’ dealers and investment advisors.
Franklin Templeton Canada is a subsidiary of the global investment management organization, Franklin Resources, Inc., operating as Franklin Templeton. Serving clients in over 155 countries, Franklin Templeton’s mission is to facilitate better outcomes through their expertise in investment management, wealth management, and technology solutions. The company offers specialized services on a global scale, with capabilities in fixed income, equity, alternatives, and multi-asset solutions. Franklin Templeton has a significant presence, with offices in more than 30 countries, about 1,300 investment professionals, and a history of over 75 years in the investment sector