Mortgage News Daily – SEC charges mortgage title issuer First American for cybersecurity vulnerability breach
Securities and Exchange Commission (SEC) on Tuesday Announcement Cybersecurity Violations When First American Financial Corp., One of the Largest Mortgage Title and Payment Services Companies in the United States, Discloses Confidential Personal Information Of Customers and Does Not Follow Appropriate Incident Response When Notifying Customers About Leakage And settled the charges.
The SEC’s order on this issue announced that cybersecurity journalists notified First American of a data protection vulnerability on the morning of May 24, 2019, and released more than 800 million images dating back nearly 20 years. I pointed out. The data leak image contained sensitive personal data such as social security numbers.
First American currently manages 21.07% of the market share of mortgage title companies, second only to Fidelity National Financial, which holds a 32.24% market share. It is one of four mortgage title companies that manages almost every mortgage transaction.
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First American issued a statement in response to the leak the same day it was notified of the leak, but according to the SEC, that alone was not a sufficient response plan. According to official orders, the company’s senior management has learned that information security personnel haven’t identified the leak a few months ago and haven’t fixed the problem, made a response plan, or informed anyone. It wasn’t done. The SEC claimed that this inadequate cyber incident response put personal information at risk.
This information security breach is reported by the title company Rapid increase in new businesses According to the American Land Title Association (ALTA), 2020 saw an unprecedented increase in historic mortgage formation activity. The title insurance industry generated a total of $ 19.2 billion in premiums for 2020 as a whole, starting at $ 15.8 billion in 2019. FirstAmerican generated just under $ 4.5 billion of that.
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Christina Littmann, Cyber Unit Chief of the SEC Executive Department, said: “The issuer needs to ensure that information that is important to the investor is reported to the person responsible for disclosure on the corporate ladder.”
According to a SEC press release, the order was issued by Exchange Law Rule 13a-if First American failed to protect personal information and its risk management plan did not properly inform users about the extent of the data breach. We will accuse you of violating 15 (a). The company did not acknowledge or deny the SEC’s findings, but agreed to pay a cease and desist order and a $ 487,616 fine.
“We are pleased that the SEC can resolve this issue and are continuing to comply with all SEC Disclosure Control Requirements,” First American said in a statement.
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In general, data security threats are increasing. A Recent reports About data security According to Verizon, phishing attacks have increased by 11% each year so far in 2021, and ransomware-based attacks have increased by 6% each year.
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SEC charges mortgage title issuer First American for cybersecurity vulnerability breach
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