4.1 million Mortgage Holders Are Unable To Make Payments After Cyber Attack 

Yesterday, the nation’s largest servicer of mortgages, Mr. Cooper, posted a notice of a cyberattack breach that caused the company to shut down IT systems, including customers’ access to its online payment portal.

Wednesday, customers attempting to log in to Mr. Cooper’s website to pay their mortgages or loans were instead greeted with a message stating that the company was suffering a technical outage.

The company stated that it discovered the cybersecurity incident on October 31st in which an unauthorized third party gained access to “certain technology systems”.

Customers will be unable to make mortgage payments while the systems are down, but will not be charged any fees, penalties, or negative credit reporting related to late payments as they restore systems.

It is unclear whether customer data was stolen but Mr. Cooper said it will notify impacted customers if any was exposed during the attack.

Emily Phelps, Director, Cyware had this comment:
   “Cyberattacks against critical financial infrastructure, like that experienced by Mr. Cooper, underscore the importance of robust cybersecurity measures and constant vigilance. While it’s reassuring to know customers won’t face financial repercussions for late payments due to the outage, the potential exposure of customer data remains a significant concern. Continuous monitoring, timely alerts, and an educated customer base are crucial components in the fight against such threats.”

This attack illustrates what bad stuff can happen if an attack hits crucial infrastructure. That makes defending against attacks a today problem that everybody needs to take seriously.

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