The initial American entity providing title and other insurance services recently experienced a cyber attack believed to be a variant of ransomware. While the insurance company acknowledged service disruptions on its website, it refrained from explicitly stating that the incident involved ransomware, citing ongoing investigations.
According to an undisclosed source within the company who spoke anonymously, certain servers were impacted by malware. In a swift response to contain the situation, these affected servers were promptly isolated and taken offline.
Ransomware operates by encrypting a database and withholding access until a ransom is paid. In some instances, those behind the malicious software employ double or triple extortion tactics to increase pressure on the victim.
First American, known for providing real estate-related services to loan seekers, mortgage lenders, and investors, has committed to keeping its customers, employees, and the public informed about the attack through regular updates on social media.
Interestingly, the Santa Ana, California-based company had recently agreed to pay $1 million to the state of New York for its failure to safeguard customer information during a data breach in April-May 2019. Remarkably, as the resolution of this case was underway through an amicable settlement, the latest cyber incident unfolded this week on Wednesday.
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