The SEC on Tuesday announced it reached a settlement charge with one of the largest mortgage title companies in the U.S. over cybersecurity vulnerabilities. (iStock)
The Securities and Exchange Commission (SEC) on Tuesday announced settled charges against First American Financial Corp., one of the largest mortgage title and settlement services companies in the U.S., alleging cybersecurity breaches when the company exposed sensitive personal information of its customers and did not follow proper incident response when informing customers about the leak.
The SEC’s order on the matter noted that a cybersecurity journalist notified First American of a data protection vulnerability on the morning of May 24, 2019, in which it exposed more than 800 million images dating back nearly two decades. The images in the data breach contained sensitive personal data like social security numbers.
First American currently controls 21.07% of the market share for mortgage title companies, second only to Fidelity National Financial, which holds a 32.24% market share. It is one of four mortgage title companies that control nearly all mortgage transactions.
To ensure your information is safe,…
