Cyberattack On First American Financial Disrupts Operations
A cyberattack has affected the networks and business activities of First American Financial Corporation and a number of its subsidiaries. The bank has also filed an update of the cyberattack on First American Financial Corporation to the Securities and Exchange Commission of the US.
The bank’s filing can be fetched from the website of SEC in which they have stated, “First American Financial Corporation (the “Company”) recently identified unauthorized activity on certain of its information technology systems. Upon detection of the unauthorized activity, the Company took steps in an effort to contain, assess, and remediate the incident.”
Cyberattack on First American Financial Corporation
On December 20, 2023, First American decided to take its systems offline. The company is currently trying to restore its systems and resume with normal business operations at the soonest. First American did not give an estimate of the duration or extent of the disruption, stated its filing to the SEC.
The filing further explained that the company is working with leading experts and law enforcement and has also notified relevant regulatory authorities. Due to the disruption, First American’s primary website may also be inaccessible to some users.
Leading financial company First American Financial Corporation was the target of a cyberattack on Wednesday, which forced the organization to temporarily shut down a number of its systems.
The organization offers settlement services and title insurance to the mortgage and real estate sectors. It’s among the biggest title insurance providers in the country.
The corporation confirmed the First American cyberattack last week and stated that it was trying to quickly get back to normal commercial operations. The business has been regularly providing updates about the First American cyberattack to keep stakeholders informed.
The latest update about the cyberattack on First American Financial Corporation stated, “Despite the regrettable disruption to normal business operations, First American continues to close loans safely and securely.”
The bank is still accepting payments and its partners too are safe after the incident. The update further read, “Our bank, First American Trust, continues to accept incoming wires, and all funds at First American Trust and our third-party partner banks remain secure.”
Incidents Similar To the Cyberattack on First American
The cyberattack on First American Financial Corporation is part of a pattern of financial industry security lapses. Significantly, First American Title Insurance Co., a subsidiary of First American Financial Corporation, reached a $1 million settlement with the New York State Department of Financial Services in November to resolve violations arising from a data leak that occurred in 2019.
Similar events have happened at Mr. Cooper Group and Fidelity National Financial (FNF), among other financial institutions. The frequent cyberattacks on well-known financial institutions raise questions about how vulnerable the industry is to these kinds of attacks. Strong cybersecurity measures must be given top priority by the financial sector to protect sensitive data and keep investors’ and customers’ trust.
In order to safeguard its assets and guarantee the stability of the world economy, the financial industry must adopt a proactive approach to cybersecurity as cyber threats continue to grow.
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