Introduction
In the recent cybersecurity scandal, a large title insurance and mortgage services company called Fidelity National Financial (FNF) lost sensitive data of about 1.3 million customers.
This breach raises great negative implications to the reputation of any financial institution and hence it calls for strong security measures in today’s date.
We try to find out the details of the breach that happened at Fidelity National Financial, the various effects it had on its customers, and the remedies provided by the organization.
What Happened in the Fidelity National Financial Cyber Attack?
According to reports, the latest cyber attack on Fidelity National Financial compromised all sorts of sensitive information.
The attackers obtained personal information such as names, addresses, contact information, social security numbers, and some financial data of over 1.3 million customers.
These intruders were able to penetrate FNFs’ systems with ease because of the company’s
security weaknesses.
A data breach trace was first found during a standard cybersecurity check, with evidence of suspicious activity within the firm servers.
It is also unknown how long the attackers had control over FNF systems, what is embarrassing is the disclosure of critical information even after knowing the involvement of such risks to FNF systems.
How Did the Breach Occur?
Security Gaps Noted in FNF
Cybersecurity specialists speculate that the breaches might have been due to old software, insufficient firewall provision, or lack of sound internal security procedures.
Due to the very large volume of personal and financial data that they deal with, these institutions are most often prone to cyber-attacks.
In this particular instance, it appears that shortcomings in FNF’s cybersecurity measures were the major contributing factors to the breach and unauthorized access.
The Role of Phishing and Social Engineering
In fishing for sensitive information, phishing, and social engineering substitute fists as tools — employees are often the weakest link in the organization’s security chain and are exploited by attackers to compromise networks.
It is suspected that such a phishing attack or a similar technique was used in the case of the attack on FNF as attackers often use social engineering to get employees to divulge their credentials or access to cyberspace.
The Impact on Fidelity National Financial’s Customers
The Customers of Fidelity National Financial and the Impact of the Breach on the Organization
The breach of Fidelity National Financial was not just a minor issue; it was a widespread concern affecting 1.3 million customers.
Some of the responses to how the breach affected the users include the following.
Loss of Identity and Fraud Risk
The hackers had access to vital information like social security numbers and financial details, which can lead to identity theft.
Such compromises have become a common occurrence where the activities include but are not limited to creating credit accounts and applying for loans on behalf of the victims.
The victims of the FNF attack are not out of the woods as they face the danger of financial fraud in the future in active form.
Emotional and mental strain
Apart from the cuts to their pockets, those who fall victim to data security breaches also suffer in silence because of stress resulting from concerns about the safety of their very private data.
When it comes to critical issues relating to personal financial security, having such information fall into the hands of criminals makes things worse, as one has to worry and get frustrated as well.
Fidelity National Financial’s Response to the Cyber Attack
Fidelity National Financial has since released statements clarifying how the breach happened stressing the measures that they are employing to solve the issue.
Here’s a timeline of FNF’s actions regarding this matter:
Notifying Affected Customers
After discovering the breach, FNF was quick to inform the affected customers now advising them to check their accounts and credit history for suspicious transactions.
They also suggested that the affected customers should register for identity theft protection services to prevent any occurrences of fraud.
Enhancing Cybersecurity Measures
In light of the attack, FNF has admitted that it will be strengthening its cyber securities, by enhancing the strength of the firewalls, intensifying the encryption protocols, and deploying cutting-edge cybersecurity technologies.
Moreover, FNF has also pointed out that they have begun evaluating their internal procedures for tightening security and limiting the possibilities of this type of occurrence.
Free credit services for impacted clients
In order to help the affected customers, Fidelity National Financial has now expanded the range of services provided to include free credit monitoring and identity protection services.
These services must monitor risk activity and prevent identity theft and fraud for all the persons whose data was centered.
Steps Customers Can Take to Protect Themselves
There are actions that customers can take to protect their personal information following the FNF cyber attack:
Review Credit Reports and Bank Records
There is more than one objective in doing these activities, and one of them is the detection of any irregular or fraudulent activities.
Since FNF customers are at risk of a breach, they should check whether any changes were made on their accounts that they did not authorize – such as lending or buying a credit hold.
Freeze Your Credit
If someone is worried about future cases of identity theft, this measure seems like a very effective one – freezing the credit to some bureaus.
It will become impossible for anyone to take out new accounts in your name, presenting another obstacle to the thieves.
Steal Their Identity Back
It is possible to help monitor the activity on the credit card by using one of the identity theft protection services that will also help the users in the case of such activities.
FNF is providing these free of cost to the affected customers and they should all make use of them.
Use Strong Passwords and MFA
Another better solution would be the adoption of strong passwords and enabling multi-factor authentication features (if any) on accounts where such scenarios exist.
The asset or account would be much more secure with the utiliser already implementing them combined with strong passwords.
Conclusion
The Fidelity National Financial data breach revealed gaps in the cyber security policy of the organization and the serious consequences that such attacks can have on clients.
Although FNF has hardly taken all measures to repair the flood, this case demonstrates a problem in the context of cybersecurity improvement never becoming obsolete.
For Fidelity National Financial, the way ahead involved nothing but change in the present paradigm of cyber threat, whereby the clients’ information was protected, and an instance of a breach in the future was not within any foresight.
With the growing digitization of processes within financial institutions, keeping cyber security will definitely be on the front, bringing emphasis on stronger measures to be in place against developing cyber risks.
