Mr Cooper Group, a leading mortgage servicer in the United States, has disclosed that certain customer data was exposed in a recent cyberattack. While the company is still in the process of determining the scope of the incident, preliminary analysis suggests potential risk.
Upon discovering the cybersecurity incident on October 31, Mr Cooper Group promptly implemented measures to contain it. As a precautionary step, certain systems were temporarily shut down, rendering them inaccessible to customers from November 1 to November 4. During this period, many customers faced difficulties making payments or accessing their accounts. However, Mr Cooper Group has assured impacted customers that they will not face any late fees, penalties, or negative-credit reporting as a result of this incident.
Although the full extent of the financial impact is yet to be determined, the company anticipates incurring vendor costs worth $5 million to $10 million in relation to the incident during the fourth quarter. However, Mr Cooper Group does not believe that this event will have a significant material effect.