loanDepot Updates On Previously Disclosed Cyber Incident; Says Unauthorized Third Party Gained Access To Sensitive Personal Information Of Approximately 16.6M Individuals In Its Systems
Portfolio Pulse from Benzinga Newsdesk
loanDepot reported an update on a cyber incident initially disclosed on January 8, 2024, revealing that an unauthorized third party accessed sensitive personal information of about 16.6 million individuals in its systems. The company will offer affected individuals free credit monitoring and identity protection services.
January 22, 2024 | 12:45 pm
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NEGATIVE IMPACT
loanDepot's disclosure of a significant data breach affecting 16.6 million individuals may negatively impact investor confidence and the company's reputation, leading to potential short-term stock price decline.
The disclosure of a data breach of this magnitude is likely to erode investor trust and concern customers, which can result in a negative perception of the company's cybersecurity measures and data management practices. This could lead to a decrease in stock price as the market reacts to the potential financial and reputational risks associated with the incident.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100