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Key Points:
- Title insurance company, First American, has confirmed that it is experiencing a cyberattack.
- It is not yet clear if the attack is ransomware, but certain systems have been taken offline.
Title insurance company First American has become the latest target of a cyberattack, although it has not yet confirmed if it is a ransomware attack. The company, which provides title insurance and settlement services for real estate companies and mortgage providers, reported revenues of $7.6 billion in 2022. It is currently working to return to normal business operations.
This attack comes just three weeks after First American agreed to pay a $1 million penalty to the state of New York for a major data breach that occurred in May 2019. The company’s websites were reportedly offline at the time of the attack.
This incident adds to the growing list of cyberattacks targeting the real estate industry. In recent months, other major players in the industry, such as Fidelity National Financial, MeridianLink, Tipalti, Moneris, and Mr. Cooper, have all reported cyber incidents. These attacks have caused disruptions in home purchases and mortgages and have raised concerns about the security of sensitive customer information.
First American has not yet filed any documents with the Securities and Exchange Commission regarding the cyberattack. However, the SEC recently implemented a new rule requiring companies to report cyber incidents within 96 hours. The Federal Trade Commission has also approved new rules mandating non-bank financial institutions to report data breaches and security events within 30 days.
The cyberattack on First American is likely to cause further issues for individuals in the process of buying homes and securing mortgages. The recent ransomware attack on Fidelity National Financial led to significant delays in transaction completions for home buyers. As a result, First American’s stock price slipped by 2.6% on the day of the attack.
This attack highlights the ongoing threat of cybercrime in the real estate industry and the need for increased cybersecurity measures. Companies in the industry must prioritize the protection of customer data and ensure the resilience of their systems against cyberattacks.
