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Revealed: LoanDepot’s Cyber attack cost almost $27 million
August 2024 by Dr Darren Williams, CEO of Blackfog
After that it’s been revealed in their latest financial report, that LoanDepot’s recent ransomware attack earlier this year cost nearly $27 Million in total.
Darren Williams, CEO and Founder of BlackFog points out that
“The sum of $26.9 million in losses associated with LoanDepot’s recent data breach, attributed to Alphv/BlackCat, serves as a stark warning of the severe financial ramifications of failing to protect sensitive data from exfiltration.
The reality is that data is the ultimate prize for cybercriminals and ransomware continues to be the most profitable weapon in their toolkit, making the chances that businesses will be attacked and data will be stolen exceptionally high.
Organisations must continue to be on their guard and put measures in place which prevent them from becoming a victim as there’s no signs of attackers slowing down. In fact, in July we saw a 58% increase in ransomware attacks compared with the same time last year, and 93% of all attacks involving data exfiltration. This makes it more important than ever to have the tools and processes in place to avoid the financial burden that can take months, or even years to recover from.”
