Mortgage lender LoanDepot recently disclosed a ransomware attack compromising personal information for about 16.6 million of its customers. Founded in 2010, LoanDepot is a company that sells mortgage and non-mortgage lending products. As the 5th largest retail mortgage lender in the U.S., it continues to face evolving cyber threats.
This attack involved unknown and unauthorized third-party access to company systems and data encryption. LoanDepot filed a statement informing the public about the incident that occurred earlier this year, including shutting down systems that were struck and high impact safety measures to secure future operations.
The significance of this cyberattack is considerable because of its prominent position in the finance industry. Disruptions like these could have far-reaching consequences not only for the company, but for their customers, and the broader financial sector.
The ongoing efforts from the company to reinstate functionality highlights the pivotal role ERP systems can play in safeguarding businesses against cyber threats. Had LoanDepot implemented a higher caliber security system for cyber-attacks, their information would have remained safe from harm. This reveals why it is so important to leverage integrated security features, ensure regular updates, and implement robust user management practices. The Attivo Group can help to do just that, with an ERP system in place to centralize data management and facilitated monitoring, detection, and rapid response to potential security threats.
Businesses should evaluate ERP vendors’ security compliance and proactively implement measures like incident response planning and regular data backups to mitigate threats. Reach out to our consultants at The Attivo Group today and strengthen your organization’s defenses with efficient security!
