top of page

Mr. Cooper Grapples with Ongoing Outage Stemming from Cybersecurity Incident

In a recent turn of events, mortgage and loan giant Mr. Cooper has confirmed that an ongoing service disruption is a result of a cybersecurity incident that occurred earlier this week. The Texas-based company took swift action on October 31 when it "became the target of a cyber security incident," implementing measures to secure its systems and safeguard customer data.


As of now, Mr. Cooper is actively engaged in an investigation to ascertain whether any customer data was compromised during the breach. The company, which boasts more than 4.1 million customers, has been experiencing significant website downtime.

Mr. Cooper is reassuring its customers that they will not face any financial repercussions such as fees, penalties, or negative credit reporting due to this incident. Initially, the company referred to the situation as an "outage" in communications with its users.

While the exact timeline for system restoration remains unclear, questions linger regarding Mr. Cooper's ability to determine the extent of any potential data theft. When contacted for comment, a spokesperson representing Mr. Cooper declined to provide further details, referring to a standard statement. Tamara Kirchleitner, Senior Intelligence Operations Analyst at threat intelligence expert Centripetal, weighed in on the incident:


"This recent cybersecurity incident is a reminder that even large and well-established companies are vulnerable to cyberattacks.


Mr. Cooper quickly shut down systems as a precautionary measure, which is crucial in the event of a cyberattack. When incidents occur, it's important to have protocols in place to quickly react and contain the threat to protect critical systems and data. While the company has not yet disclosed the nature of the attack or the full extent of the damage, it's important to note that mortgage companies hold a wealth of sensitive customer data, including social security numbers and bank account information. If this data was compromised, it could have serious consequences for customers. Customers should monitor their credit reports for any unauthorized activity and look out for signs of identity theft and fraud."

In a regulatory filing, Mr. Cooper expressed confidence that the cybersecurity incident would not have a significant adverse impact on its business, operations, or financial results. The company continues to work diligently to resolve the issue and restore normalcy for its extensive customer base. ###

Comments


bottom of page