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First American Wrapped Up 2023 With a Security Hit

Taking aim at insurance.
Cambron Kelly
Contributing Writer

First American (NYSE: FAF), a leading title insurance company, found itself at the center of a significant cybersecurity breach. On December 21, the company reportedly detected unauthorized activity and started by warning clients. The following day, the breach was reported to the U.S. Security and Exchange Commission (SEC). In response to the incident, the company has taken steps to reassure its clients, emphasizing that their third-party partner banks remain secure.

The nature of the attack remains undisclosed, with the company actively working to restore normal operations. This cyberattack is yet another example that stresses the importance of transparent communication when a breach like this occurs.

Why it matters: The cyberattack of First American shows how these threats are becoming all too real for major corporations, regardless of industry. In an era where cyber threats are on the rise, organizations must navigate disruptions but also prioritize the trust and confidence of their clients and stakeholders.

  • Due to this attack disrupting emailing, First American warned their clients to be on the lookout for phishing attempts and emphasized the critical importance of independently verifying any communication.
  • The recent SEC regulations require companies to disclose material cybersecurity incidents within a 4-day window promptly. First American followed these guidelines but a lot of companies are worried that reporting to the SEC could significantly impact the organization’s reputation and brand.
  • First American has mentioned working with law enforcement to create a protocol for collaboration to try and get ahead of any future cyberattacks.

Go Deeper –> First American says funds secure despite cyberattack – The Record

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