The company assured that efforts were underway to restore normal business operations swiftly and to understand the full extent of the incident.
In a recent 8k filing on Monday, leading US mortgage lender loanDepot officially acknowledged falling victim to a cyberattack that has resulted in the disruption of crucial systems. The California-based company, ranking as the second-largest non-bank mortgage lender after Rocket Mortgage, disclosed that it had identified a cybersecurity incident affecting specific systems within the organization.
The company is the fifth-largest retail mortgage lender in the U.S. and has funded more than $275 billion in loans since being founded in 2010. It has more than 6,000 employees and reported a revenue of about $1.8 billion in 2022.
It previously told regulators in Massachusetts that an unknown number of customers had their information accessed during a cyberattack in August 2022.
“The Company has retained leading forensics experts to aid in our investigation and is working with law enforcement. We sincerely apologize for any impacts to our customers and we are focused on resolving these matters as soon as possible,” a spokesperson said. – The Record
Do you think enough hacks wil occur that this is how they’ll push digital IDs? Personally, I’d rather go back to loans and refi’s in person and banks slo the F up on reselling loans until security tech can catch up. – Elmer_FUD_the_Sniper
Upon detecting unauthorized activity, loanDepot promptly initiated measures to contain and address the incident. These actions included launching a comprehensive investigation with the support of leading cybersecurity experts. Simultaneously, the company began the process of notifying relevant regulatory bodies and law enforcement agencies.
While the investigation is still underway, loanDepot has determined that the unauthorized third-party activity involved accessing certain company systems and encrypting data. In response to this security breach, the company took the proactive step of shutting down specific systems. Furthermore, loanDepot is actively implementing robust measures to secure its business operations, restore affected systems, and effectively respond to the incident.
Cyberattack Hits Second Largest US-Non Bank Mortgage Lender https://t.co/6gjaIYB4l2 via @activistpost
— Robin Stowe Ⓥ (@SultryRobin) January 10, 2024
This unfortunate turn of events has led to a 5% decline in loanDepot’s shares during premarket trading in New York. Investors and stakeholders are closely monitoring the situation as the lender assesses the potential impact of the incident on its overall operations. loanDepot is committed to transparently evaluating the extent of the incident and determining whether it could have a material impact on the company.
The cybersecurity incident highlights the persistent threats faced by financial institutions in an increasingly digital landscape. As technology advances, so do the tactics employed by malicious actors seeking unauthorized access to sensitive information. In this case, loanDepot’s prompt response, including collaboration with cybersecurity experts and law enforcement, reflects the industry’s commitment to swiftly addressing and mitigating such threats.
THE @SECGov WASN'T THE ONLY ONE
NATIONAL MORTGAGE LENDER GETS HIT BY #CYBERATTACK@loanDepot prominent retail mortgage lender crippled
Has hallmarks of ransomware, encrypted the company's data. https://t.co/6AV5zKBGxL
— Matt “Matty ❌ Sats™️” Case (@MatthewRyanCase) January 10, 2024
The company’s decision to shut down affected systems demonstrates a proactive approach to prevent further unauthorized access and potential data breaches. Simultaneously, loanDepot’s ongoing efforts to secure its business operations underscore the importance of implementing robust cybersecurity measures to safeguard customer data and maintain the trust of stakeholders.
As the investigation progresses, industry observers are keen to learn more about the specific nature of the cyberattack, the extent of data encryption, and any potential vulnerabilities that may have been exploited. The incident serves as a reminder to the broader financial sector of the need for continuous investment in cybersecurity infrastructure to protect against evolving cyber threats.
~Loandepot latest victim of a cyberattack~ https://t.co/ljPZkUXy9E
Loandepot was hit by a cyberattack, the company announced Monday. The top-ranked mortgage lender "determined that the unauthorized third-party activity included access to certain company systems and the e…
— Snooper-Scope (@Snooper_Scope) January 8, 2024
To Sum It All Up: loanDepot’s confirmation of a cybersecurity incident emphasizes the ongoing challenges faced by financial institutions in safeguarding critical systems and customer data. The company’s decisive response, collaboration with cybersecurity experts, and commitment to transparency are crucial elements in mitigating the impact of such incidents. As the investigation unfolds, the industry will closely monitor developments and draw lessons to enhance overall cybersecurity resilience in the face of evolving digital threats.
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Major Points Discussed:
- loanDepot, the second-largest non-bank mortgage lender in the US, confirmed a cyberattack in an official 8k filing on Monday.
- The California-based company detected unauthorized activity, prompting immediate actions to contain the incident, including launching an investigation with cybersecurity experts and notifying regulators and law enforcement.
- The cyberattack involved unauthorized access to specific loanDepot systems and data encryption, leading the company to shut down affected systems and implement security measures to protect its business operations.
- The incident resulted in a 5% decline in loanDepot’s shares during premarket trading in New York.
- The company is actively assessing the impact of the cyberattack, with a focus on determining whether it will have a material impact on its overall operations.
P. Mercurio
Comments – Threads – Links
- Mortgage firm loanDepot cyberattack impacts IT systems, payment portal – Bleeping Computer
- Let me guess. They will tell us 1% of customer’s personal information was accessed. Then in a few months quietly tell us 100% customer’s personal info was accessed. – Justin Dyczewski
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- SCMagazine: Major mortgage lender loan Depot reported that it was the victim of a cyberattack that forced it to shut down some of its systems in an 8K filing with the U.S. Securities and Exchange Commission. #cybersecurity #infosec #ITsecurity – Mrs. Y.
- LoanDepot mortgage lender hit with cyberattack – The Record by Recorded Future Korean National Police Agency investigating $81 million crypto theft from Orbit ChainJanuary 2nd, 2024. Annual Payment Fraud Intelligence Report … – Bitcoin4n6
- “The Second Largest US-Non Bank Mortgage Lender” is named “Loan Depot”??!! BWAHAHAHAHAHAHAH!!!! – Hostage2BigTech
- LoanDepot mortgage lender hit with cyberattack – The Record
