loanDepot and the Harsh Reality of Cyber Vulnerability
US mortgage lender loanDepot confirmed in an 8k filing on Monday that it is the latest victim of a cyberattack that has brought critical systems offline.
California-based loanDepot, which is the second-largest non-bank mortgage lender behind Rocket Mortgage, wrote in a filing that it "recently identified a cybersecurity incident affecting certain of the Company's systems."
"Upon detecting unauthorized activity, the Company promptly took steps to contain and respond to the incident, including launching an investigation with assistance from leading cybersecurity experts, and began the process of notifying applicable regulators and law enforcement.
"Though our investigation is ongoing, at this time, the Company has determined that the unauthorized third party activity included access to certain Company systems and the encryption of data. In response, the Company shut down certain systems and continues to implement measures to secure its business operations, bring systems back online and respond to the incident."
Shares of loanDepot are down 5% in premarket trading in New York.
The lender noted it will "continue to assess the impact of the incident and whether the incident may have a material impact on the Company."
This article originally appeared on Zero Hedge
