Fidelity National Financial is still assessing the impact of a November cyberattack, but the company has insurance coverage with a $10 million retention, Mike Nolan, the company’s president and CEO, said Wednesday in a virtual fireside chat.
The disruption was relatively brief, occuring in part during the Thanksgiving Day holiday, but won’t impact the company’s ability to compete or serve its customers with title insurance and settlement services, Nolan said during his opening presentation.
Executives acknowledged the attack limited the ability to finalize real estate closings for about “two to three days.”
A transcript of Nolan’s remarks about the cyberattack was disclosed in a filing with the Securities and Exchange Commission.
The attack was discovered Nov. 19th and unauthorized hackers were able to access credentials and data after gaining access to the company’s systems. The company said it contained the incident as of Nov. 26, in a filing with the SEC.
Fidelity said it was actively restoring operations back to normal in a filing Monday with the SEC.
Nolan said the company is committed to protecting customer data and said cybersecurity will continue to be a priority in the company’s future technology spending.
The company previously said it retained outside forensics experts and contacted law enforcement.
The company reiterated the attack did not impact its majority owned F&G Annuities & Life business.
As previously reported, the prolific threat group AlphV/BlackCat has claimed responsibility for the attack.
The group has been linked to a series of damaging social-engineering attacks on large companies in recent months, including a major attack against MGM Resorts that threw the company’s Las Vegas casino properties into chaos.