First American Financial Corporation, the second-largest title insurance company in the United States, is grappling with a cybersecurity incident, leading to the shutdown of several systems in response to contain the impact. In this piece of news, you will read about the first American update and more info. Read the article till the end.
What is The First American Update?
Founded in 1889, First American offers financial and settlement services for residential and commercial property transactions. As a major player in title insurance, the California-based company reported a substantial revenue of $7.6 billion last year and employs over 21,000 people, according to Fortune.
The post is attached to the post of the first American update-
“First American has experienced a cybersecurity incident,” the company said in a statement published on a website dedicated to the cyberattack. Its official website was taken offline before this article was published.
First American has experienced a cybersecurity incident. In response, we have taken certain systems offline and are working to return to normal business operations as soon as possible. Please visit https://t.co/JON3c2qX9A for the latest information.
— First American (@FirstAm) December 21, 2023
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Recent Cybersecurity Incident
On November 28, First American faced penalties, paying $1 million to settle violations related to a May 2019 breach of New York’s Department of Financial Services’ Cybersecurity Regulation.
“As the nation’s second-largest title insurance company, First American collects the personal and financial data of hundreds of thousands of individuals annually on title-related documents and stores that information in its proprietary EaglePro application,” New York’s DFS said.
Current Situation
Responding to the recent cyberattack, First American has taken certain systems offline and is actively working to restore normal business operations swiftly. The company’s official website was temporarily taken offline as part of the response measures.
Industry Trends
This incident follows a similar disclosure from Fidelity National Financial, another prominent American title insurance provider, which faced a “cybersecurity incident” impacting its network. Fidelity National Financial implemented containment measures, including blocking access to certain systems.
Response from the Industry
First American’s response echoes a broader trend within the title insurance sector, with companies facing increasing cybersecurity threats.
“In addition, we took containment measures such as blocking access to certain of our systems resulting in varying levels of disruption to our businesses,” the company said in a filing with the U.S. Securities and Exchange Commission.
While specific details about the nature of the attack on First America are yet to be disclosed, this incident highlights the cybersecurity challenges faced by major players in the title insurance industry.
The First American Social Profile-
- Facebook:Â @First American
- Twitter: @FirstAm
- LinkedIn: First American
- Website: firstamupdate.com
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