Academy Mortgage Corporation Data Breach Investigation

Data Breach Class Action and Mass Tort Investigation

Photo Credit: Unsplash | Updated: May 17, 2024

Claim Form Deadline: Ongoing

Estimated Payout: Varies

Proof required: Yes

What is the Academy Mortgage Data Breach About?

Academy Mortgage is a nation-wide independent mortgage lender based out of Draper, Utah that works with homebuyers throughout the country. On December 20, 2023, Academy Mortgage Corporation sent out letters to 284,443 current and former employees informing them that their private data had been accessed by hackers during a breach of Academy Mortgage's network.

The “Notice of Data Security Event” letters that went out warn that an unauthorized third party accessed the internal company database and may have stolen certain payroll information or personally identifiable information, including:

• Full Names,
• Dates of Birth,
• Social Security Numbers.

In 2023, the company was notified by a hacker ransomware group that they had infiltrated Academy Mortgage Corporations's internal network, extracted confidential client information, and posted that data onto the dark web. Ransomware groups typically demand a large sum of money in order to return confidential information to the owners.

Data breaches and cyber crime like ransomware can result in a long-term erosion of personal data privacy, as the hacked personally identifiable information may be traded or shared amongst cyber-criminals for years to come, on the internet, the dark web, or elsewhere.. This significantly increases the risk of further identity theft, financial fraud and massive headaches for consumers and victims. Information that is hacked can include sensitive personally identifiable information.

What is Ransomware?

Imagine you're the guardian of a digital fortress. One day, a group of malicious hackers, armed with cunning tactics, infiltrate your fortress and take your digital treasures hostage. They do this by encrypting your precious files and locking you out of accessing them. Just like a skilled kidnapper, they demand a hefty ransom from you in exchange for the safe return of your files.

This virtual kidnapping scenario is what we call ransomware. It's a type of malicious software designed to encrypt or lock down files on a victim's computer or network, rendering them inaccessible. The hackers then demand a ransom, usually in the form of cryptocurrency, in exchange for providing the decryption key or unlocking the files.

Ransomware can spread through various means, including phishing emails, compromised websites, or even exploiting software vulnerabilities. It's like a digital predator lurking in the shadows, ready to strike unsuspecting victims.

What Were The Biggest Ransomware Attacks in History?

JBS: In June 2021, JBS, one of the world's largest meat processors, suffered a ransomware attack. The REvil ransomware group was identified as the perpetrator. The attack resulted in the temporary shutdown of JBS's operations in North America and Australia, impacting meat supplies and causing concerns in the food industry. JBS was also the center of a recent open class action settlement that has been closed to new claims as of 2024.

WannaCry: In May 2017, the WannaCry ransomware spread globally, infecting hundreds of thousands of computers in over 150 countries. It targeted computers running Microsoft Windows operating systems, encrypting files and demanding ransom payments in Bitcoin. WannaCry affected organizations such as the UK's National Health Service (NHS), causing widespread disruption to healthcare services.

NotPetya: NotPetya, which emerged in June 2017, initially masqueraded as a variant of the Petya ransomware. However, it was later revealed to be a more destructive malware aimed at causing disruption rather than generating ransom payments. NotPetya affected numerous organizations worldwide, including shipping giant Maersk, pharmaceutical company Merck, and Ukraine's government institutions.

Colonial Pipeline In May 2021, the Colonial Pipeline, a major fuel pipeline system in the United States, fell victim to a ransomware attack. The DarkSide ransomware gang was responsible for the attack, which led to the shutdown of the pipeline for several days. The incident caused fuel shortages and price increases along the East Coast of the United States.

Kaseya: In July 2021, a supply chain attack targeting the software provider Kaseya impacted numerous managed service providers (MSPs) and their clients. The REvil ransomware gang exploited a vulnerability in Kaseya's software, leading to the encryption of files on the networks of affected organizations. This attack affected thousands of businesses worldwide.

What makes ransomware particularly intriguing is its ever-evolving nature. Hackers constantly develop new techniques, refining their methods to outsmart cybersecurity measures. They adapt their tactics, creating unique strains of ransomware with captivating names like CryptoLocker, WannaCry, or NotPetya, making them sound like characters from a cyberpunk novel.

Ransomware attacks have targeted individuals, businesses, hospitals, and even government institutions, causing financial losses, disruption of services, and significant headaches for victims. The cat-and-mouse game between cyber-criminals and cybersecurity experts continues as they battle to protect the digital world from these digital hostage-takers.

How Do I Qualify for Compensation?

If in the coming weeks you receive, or have already received a notice or a letter from Academy Mortgage informing you that your personal information was impacted in their data breach, do not delay to use the claim form contact link below to find out whether you are able to receive monetary compensation. The letters sent out may include this title: "Notice of Data Security Event".