Data breach affecting over 44,000 individuals in a December cyberattack confirmed by a U.S. citizen
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In a concerning series of events, several companies in the real estate and lending sectors experienced cyberattacks towards the end of 2023. This article provides an overview of the cyberattacks that affected First American Financial, Mr. Cooper, and Fidelity National Financial.
First American Financial, a leading provider of title insurance, services, and solutions, reported a personal data breach in December 2023. The attack affected approximately 44,000 people and temporarily disrupted company operations, causing systems to go offline. The specific type of personal information breached in the attack is not explicitly detailed, but it is likely that the breach involved similar categories of personal and financial information as in other related incidents.
The company has since been working on notifying customers about the breach but has yet to disclose what specific information was compromised. The cyberattack had a significant impact on First American Financial's fourth-quarter earnings, causing a 15% decrease in revenue compared to the prior-year quarter, with earnings totalling $1.4 billion.
Another company hit by a cyberattack was Mr. Cooper, a loan servicing firm. The attack, which occurred in late October, exposed data on every current and former customer. The exact nature of the breach and the personal information involved is not known, but it is suspected that the breach may have included similar categories of personal and financial information as in other related incidents.
The attack on Mr. Cooper temporarily prevented millions of consumers from making loan payments, causing disruptions in operations. However, it appears that demand for title orders and related products at First American Financial has since returned to normal levels.
Fidelity National Financial, a leading provider of title insurance and real estate services, was also hit by a cyberattack in November. The attack affected 1.3 million customers, but the company's CEO, Ken DeGiorgio, stated in February that they did not expect a significant long-term impact from the attack.
These cyberattacks highlight the increasing threat of cybercrime in the real estate and lending sectors. As technology continues to advance, it is crucial for companies to prioritise cybersecurity measures to protect their customers' personal and financial information.
Sources:
- BreachList
- KrebsOnSecurity
- First American Financial Corporation
- New York State Department of Financial Services
In light of these cyberattacks, it's evident that the real estate and finance sectors are increasingly vulnerable to cybercrime. First American Financial, Mr. Cooper, and Fidelity National Financial have each suffered significant breaches, with potential exposures of personal and financial information. To mitigate such threats, it's essential for businesses to prioritize cybersecurity measures in their technology strategies.
