Here’s the sitch:
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Multiple Federal Lawsuits
The servicer under discussion, is now juggling not just one, but five (!!!) federal lawsuits. All thanks to an epic Halloween cyberattack that has definitely left them with more trick than treat.
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Extended Service Downtime
There’s nothing more unsettling than experiencing a major system blackout. Now imagine that it lasts not for a few hours, but days. DAYS! This spooky cyberattack played a trick that would make even Freddy Krueger jealous – knocking out the servicer’s entire system and halting their operations like a scared kid petrified of the boogeyman.
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Customer Disruptions
Picture this. You’re a borrower, minding your own business, trying to access your account or pay your home loan, but nope! The servicer’s account decided to pull a Casper and go ghost on everyone. It’s like a horror movie where you’re shouting at the screen: “Don’t open that email link! Run!”
Now, permit me to serve you my hot, freshly brewed take.
Hot Take
I swear, this real estate saga has more drama than a season finale of “Game of Thrones.” Not only did things go to boo-town following a Halloween cyberattack (which, by the way, should win an award for worst trick ever), but it also lasted for days longer than that awkward silence after your cousin Freddy overcooked the turkey — again — on Thanksgiving dinner.
Customers unable to access their accounts? It’s harder to disappear than David Copperfield at the end of a magic show! And oh boy, the lawsuits that followed resemble a frantic game of whack-a-mole, except this isn’t an arcade — it’s real life and the stakes are high.
However, let’s not just paint a devil’s horns on the servicer here. This unfortunate series of events should serve as your daily, no, hourly reminder — cybersecurity isn’t a lavish luxury you can skip, like that overpriced latte from your favorite hipster café. It’s an essential, and for good reason. Remember folks, a quick update on your security software is always less agitating than having to fight off federal lawsuits while putting your clients at ease. It’s a classic tale of ‘stitch in time saves nine’, or in this case, prevents a cyber-apocalypse.
Original article: https://www.inman.com/2023/11/22/mr-cooper-faces-slew-of-class-action-lawsuits-after-cyberattack/
