loanDepot, a leading provider of home lending solutions, has become the victim of a cyberattack.
The company has been working diligently with outside forensics and security experts to investigate the incident and restore normal operations as quickly as possible.
Although its investigation is ongoing, the company has determined that an unauthorised third-party gained access to sensitive personal information of approximately 16.6 million individuals in its systems. The company is notifying these individuals and offering credit monitoring and identity protection services at no cost to them.
“Unfortunately, we live in a world where these types of attacks are increasingly frequent and sophisticated, and our industry has not been spared. We sincerely regret any impact to our customers,” said loanDepot CEO Frank Martell. “The entire loanDepot team has worked tirelessly throughout this incident to support our customers, our partners and each other. I am pleased by our progress in quickly bringing our systems back online and restoring normal business operations.”
“Our customers are at the center of everything we do,” said Jeff Walsh, President of LDI Mortgage. “I’m really proud of our team, and we’re glad to be back to doing what we do best: enabling our customers across the country to achieve their financial goals and dreams of homeownership.”
Dr. Darren Williams, CEO and Founder, BlackFog, said: “There’s been a recent uptick in cybercriminals’ interest in the loan and mortgage industry. Cybercriminals are discovering holes and a lack of investment in security in this industry, and many are stepping in to take advantage.
“While it remains unclear whether loanDepot received a ransom demand, the stakes are high with certain systems still offline, and millions of customers’ data stolen. loanDepot and other companies alike must prioritize cybersecurity investments, especially those that prevent data exfiltration, so they can protect their customers and resist ransom demands with confidence.”
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