What happens in a cyber attack? Cyber ​​security experts explain

Over the past few months, cybercriminals have been attacking mortgage lenders. at an amazing speed.

like a major company loan depot and Mr. Cooper While businesses have been hit financially by the effects of recent events, they continue to fight lawsuits from affected customers. Among these complaints are revealed more colors We provide details not normally made public about the hack and the companies' respective responses.

One major cyberattack began when an employee clicked on a search result about Florida road maintenance contracts, according to court filings. Another large-scale breach began with a threat actor misusing a bank subscriber's credentials, ultimately leading to a previously undisclosed Bitcoin ransom payment.

Attacks may occur more frequently due to the following reasons: New notification requirementsBut experts say it's not just big lenders and servicers that are feeling the pain.

“We're really seeing two types of crises in parallel,” said Jordan Bingham, founder and CEO of Utah-based cybersecurity firm Lendsafe. “Large businesses are scared of ransomware, while at the same time small stores are under significant pressure from attackers.”

to understand what happens During the cyberattack, National Mortgage News interviewed a cybersecurity veteran who described the typical timeline of an incident. Lenders, servicers and technology vendors may also follow similar strategies.