Incident Details
Loan servicing company LoanCare has notified 1,316,938 borrowers in the United States about a data breach that exposed their personal information. The breach occurred within its parent company, Fidelity National Financial. LoanCare, a major player in the mortgage servicing industry, manages around $390 billion in balances from 1.2 million loans as a sub-servicing and interim sub-servicing provider. Recently, Fidelity National Financial, a well-known title insurance provider, revealed a cyberattack in a filing with the Securities and Exchange Commission. In response, LoanCare published an announcement on its website, informed the appropriate authorities, and provided a sample of the notification sent to affected individuals.
Incident
How Did the Breach Happen?
Unauthorized access to specific systems within the parent company's information technology network led to the occurrence of a data breach.
What Data has been Compromised?
The data breach involved personal information such as the individual's complete name, residential address, Social Security Number (SSN), and loan identification number.
Why Did the company's Security Measures Fail?
The information does not specify the precise cause of the security measures' breakdown.
What Immediate Impact Did the Breach Have on the company?
The breach led to the disclosure of confidential data belonging to 1,316,938 borrowers throughout the United States.
How could this have been prevented?
Possible prevention strategies may involve the enforcement of more robust cybersecurity procedures, frequent security assessments, and the incorporation of encryption and multi-factor authentication as key components.
What have we learned from this data breach?
The recent exposure of private information emphasizes the necessity of strong online security practices and the significance of detecting and addressing any issues quickly to minimize harm.
Summary of Coverage
LoanCare, a company specializing in sub-servicing mortgages, notified 1.3 million borrowers about a data breach that occurred due to unauthorized entry into the parent company's networks, revealing sensitive data. This incident highlights the importance of cybersecurity in safeguarding customer information.