December 18, 2023 at 03:58PM
Mortgage lender Mr Cooper has disclosed a security breach resulting in the theft of personal information from 14.7 million individuals, costing an estimated $25 million to resolve. The stolen data includes names, addresses, Social Security numbers, and bank account details. Mr Cooper intends to provide free credit monitoring to affected individuals.
Key Takeaways from the Meeting Notes:
– Mr Cooper, a mortgage lender, has suffered a significant data breach affecting almost 14.7 million individuals, resulting in the theft of personal information such as addresses, bank account numbers, Social Security numbers, and more.
– Initially downplayed as an isolated incident, the breach is now revealed to be more serious than previously believed.
– Affected individuals will receive 24 months of free credit monitoring, and the company will continue to monitor the dark web for any potential misuse of the stolen data.
– The CEO of Mr Cooper has issued a statement expressing regret for the incident and emphasizing the company’s commitment to maintaining customers’ trust.
– The company is reporting higher-than-anticipated costs related to the breach, with an updated expense estimate of $25 million, including providing identity protection services for affected customers.
– Ongoing forensic review, engagement with law enforcement and regulators, and defense of litigation are in progress.
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