US mortgage lender loanDepot confirms ransomware attack

US mortgage lender loanDepot confirms ransomware attack

January 8, 2024 at 12:41PM

Leading U.S. mortgage lender loanDepot confirmed a ransomware attack that encrypted data, affecting customer payment portals and prompting system shutdowns. An investigation is underway with external experts’ assistance, including notifications to law enforcement. Although the impact is being assessed, concerns arise over potential data exposure. Previously, loanDepot reported a 2022 breach, joining other financial institutions in cyberattack incidents.

Based on the meeting notes, the key takeaways are:

– loanDepot experienced a ransomware attack, leading to data encryption and affecting customer access to the payment portal.
– The company is working to restore normal business operations and is investigating the incident with the help of external cybersecurity experts.
– It has notified relevant regulators, law enforcement agencies, and customers about the incident and the impact on services, such as delayed processing of recurring automatic payments.
– While the specific ransomware group responsible is not yet clear, loanDepot has implemented measures to block access to other devices on its network.
– Customers affected by the breach should remain vigilant against potential phishing attacks and identity theft attempts, given the sensitive nature of the exposed data.

The history of similar cyber incidents in the mortgage lending industry highlights the ongoing challenges and potential risks associated with cybersecurity in this sector.

Full Article