First American Title Faces First Charges and Fines Under New Cybersecurity Law
American regulators have crossed the rubicon with the bringing of charges against First American Title by New York State for violating its cybersecurity regulations. First American, the country’s second-largest real estate title insurer, is accused of allowing hundreds of millions of files containing sensitive customer information (Social Security numbers, bank account information, etc.) to be illicitly accessed. The company could face a $1,000 fine for each instance of exposed customer information. With anywhere from hundreds of thousands to millions of records compromised, fines could stretch into billions of dollars.
For title insurance firms, a $16.5 billion industry, predatory behavior by cybercriminals and regulators is a particularly acute issue. Title insurers store a wealth of customer information (often exchange several times by email in a single transaction) and are prime targets for cybercriminals. Further, the regulatory structure is relatively diffused and overlapping. Consider First American’s data breach. The company’s primary regulator is the Nebraska Department of Finance, who were informed of the data breach and ruled that the company acted appropriately. New York regulators found that the company had breached its guidelines and have brought charges. Other states with stringent privacy laws, like California, may also take action. For insurers, among other sectors, the results from cyber attacks can be dually devastating: first cyber criminals ruin your reputation with your customers, then regulators bankrupt you.
At XQ Message, we’re making it possible for businesses and consumers to take control of their privacy. We’ve developed a cross-platform quantum encryption system that is designed to combat the privacy issues of today and the emerging threats of tomorrow. XQ has taken a radical new approach to cybersecurity by making military-grade quantum encryption accessible to businesses of all sizes and consumers. XQ isn’t just another messaging app, but a cross-platform encryption solution that works across the most commonly used business messaging platforms. XQ’s embedded quantum encryption software is available for Gmail, Outlook, Slack, iMessage, and Android, with Zoom on the way. XQ’s enterprise product allows businesses to create a secure environment for internal and external communications to co-workers, clients, and vendors. With XQ, businesses need not worry about being bankrupted by cybercriminals and regulators.