South State announces cybersecurity incident on February 6

In a regulatory filing, South State said, “SouthState Bank detected what was determined to be a cybersecurity incident on February 6, 2024. Upon detection, the company initiated its incident response and business continuity protocols and began taking measures to disrupt the unauthorized activity. As part of its process to address the incident, the company proactively took measures to isolate parts of its network, which resulted in some disruption to the company’s business processes. The company’s operations have continued throughout this process in all material respects. The company is conducting a thorough investigation and a cybersecurity firm has been engaged. Banking regulators and law enforcement have been notified. While the investigation is ongoing, as of the date of this filing, the incident has not had a material impact on the company’s operations, and the company has not determined the incident is reasonably likely to materially impact the company’s financial conditions or results of operations.