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  • First American Financial Pays Farcical $500K Fine

    Home Forums Code Red – Security/Privacy advisories First American Financial Pays Farcical $500K Fine

    • This topic has 1 reply, 2 voices, and was last updated 1 month ago.
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      • #2372230

        “In May 2019, KrebsOnSecurity broke the news that the website of mortgage settlement giant First American Financial Corp. [NYSE:FAF] was leaking more than 800 million documents — many containing sensitive financial data — related to real estate transactions dating back 16 years. This week, the U.S. Securities and Exchange Commission settled its investigation into the matter after the Fortune 500 company agreed to pay a paltry penalty of less than $500,000.

        Mark Rasch, also former federal prosecutor in Washington, said the SEC is signaling with this action that it intends to take on more cases in which companies flub security governance in some big way.

        “It’s a win for the SEC, and for First America, but it’s hardly justice,” Rasch said. “It’s a paltry fine, and it involves no admission of guilt by First American.”

        Rasch said First American’s first problem was labeling the weakness as a medium risk.

        https://krebsonsecurity.com/2021/06/first-american-financial-pays-farcical-500k-fine/#more-55971

        “Ow! Thank you, Sir, may I have another?”

        Un. Be. Lievable.

        (PS-The video that Krebs posted in this article is right on.)

        Win7 Pro SP1 64-bit ESU, Dell Latitude E6330, Intel CORE i5 "Ivy Bridge", 12GB RAM, Group "0Patch", Multiple Air-Gapped backup drives in different locations. Linux Mint Greenhorn
        --
        "Civilization is fun! Anyway, it sure keeps me busy["

        -Zippy

        1 user thanked author for this post.
      • #2372232
        OscarCP
        AskWoody Plus

        Steal $50, get caught, go to jail. Let officers of a big company, through their culpable mismanagement leak sensitive financial information from millions of transactions, then let their company bail them out of any trouble or inconvenience by taking this company what to it is a slap on its accounting wrist. Oh, ye government watchdogs, remember the old saying: he who lies down to sleep with dogs, gets up with fleas.

        Windows 7 Professional, SP1, x64 Group W (ex B) & macOS Mojave + Linux (Mint)

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