Cybercrime report (Image: Shutterstock).

The New York State Department of Financial Services, one of the preeminent state regulators of financial institutions, recently filed its inaugural cybersecurity enforcement action. This enforcement action provides key lessons for credit unions addressing cybersecurity risks, even for credit unions that are not under the NYDFS’s supervision.

The NYDFS alleged that one of the country’s largest title insurers, First American Financial, failed to properly address a security vulnerability on its website that exposed millions of documents containing consumers’ information. After the insurer uncovered the vulnerability in a penetration test, the insurer misclassified the vulnerability as “low,” failed to timely or reasonably investigate it, and failed to heed the recommendations of the insurer’s cybersecurity employees. Further details about the security vulnerability at First American are available in the CU Times article, “Title Insurance Company Leaks 885 Million Mortgage Records.”

Complete your profile to continue reading and get FREE access to, part of your ALM digital membership.

Your access to unlimited content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including and

Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.