December 21, 2023 at 04:49PM
First American Financial Corporation, the second-largest title insurance company in the US, responded to a cyberattack by taking systems offline. This move aimed to contain the impact of the incident, which was announced via a dedicated cyberattack website. The company confirmed the cybersecurity issue and pledged to restore normal operations. Another title insurance provider, Fidelity National Financial, also faced a similar cybersecurity incident.
Based on the meeting notes provided, the key takeaways are:
1. First American Financial Corporation, the second-largest title insurance company in the United States, experienced a cybersecurity incident resulting in the offline status of some of its systems. The incident prompted the company to take certain systems offline and work towards returning to normal business operations.
2. First American faced a $1 million penalty in November 2019 after a breach related to New York’s Department of Financial Services’ Cybersecurity Regulation. The breach involved a vulnerability in its proprietary EaglePro application that allowed unauthorized access to sensitive documents.
3. Fidelity National Financial, another American title insurance provider, also disclosed a cybersecurity incident impacting its network and resulting in varying levels of disruption to its businesses. The incident was attributed to the ALPHV/BlackCat ransomware gang.
These takeaways capture the major incidents and enforcement actions related to cybersecurity in the title insurance industry, highlighting the impact on business operations and the potential involvement of ransomware groups.