Data security

In an exclusive interview, the moderate Virginia Democrat and co-chair of the Community Development Financial Institution Caucus touched on the future of community development, cybersecurity and nonbank regulation. 

The businesses, like other victims of such incidents, have not identified the culprit nor type of attack.

The companies are the latest mortgage businesses to face class action complaints from consumers impacted by the cyberattacks.

Cybersecurity expenses and threats

A data breach in 2022 costs companies $4.35 million on average, an all-time high according to IBM research.

To meet the growing demand, banks are faced with a choice of hiring, reskilling or outsourcing.

A class action said the company, which has suffered two breaches in the past year, also was responsible for a larger breach and “downplayed” the situation when it notified consumers.

Borrowers condemned the company's disclosures, which came six months after the incident and omitted details about the hack and subsequent investigation.

The federal class action lawsuit is at least the third similar action within the industry over a cyberattack revelation.

The newly revealed victims were affected by the previously disclosed cyberattack, which went undetected for 41 days between September and December.