July 26, 2020 - First American Title - one of the largest title insurance companies in the United States - has had charges filed against it by the State of New York. The state's Department of Financial Services is alleging that the company exposed the highly sensitive financial information of millions of its customers in violation of the state's cybersecurity regulations. Further, New York is claiming that the company knew about the vulnerability that lead to the breach for years but didn't do anything to correct it.
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The state is saying that the data exposed in this breach included names, SSNs, bank account information and a variety of other highly personal and sensitive financial information that the company was privy to. If the claims are correct, the data exposed is more than enough to commit identity theft and title fraud.
The company has denied the allegations. A court date is set for later this year. If found guilty, the company could face fines of up to $1,000 per violation of the law - meaning per person breached - and would likely be open to litigation from other states as well as from impacted individuals.
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