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Posted On May 18, 2023 Consumer Privacy & Data Breaches

Possible Data Breach at Academy Mortgage After Ransomware Group Claims to Have Stolen Confidential Information

NOTICE: If you received a NOTICE OF DATA BREACH letter from Academy Mortgage, contact the attorneys at Console & Associates at (866) 778-5500 to discuss your legal options, or submit a confidential Case Evaluation form here.

Data Breach AlertMay 18 – On May 15, 2023, rumors started spreading regarding a possible data breach at Academy Mortgage when the firm was added to the list of victims by a notorious ransomware outfit. Hackers claim to have stolen confidential information from Academy Mortgage, but the company has not confirmed these claims. Academy Mortgage must start delivering data breach notification letters to all persons affected by the event if, after completing its own investigation, it determines that consumer data was compromised.

Console & Associates, P.C.’s data breach lawyers are now investigating the incident at Academy Mortgage. If you are a victim of a data breach and want to know how to protect yourself, we are offering free consultations where we can discuss your legal options for collecting financial compensation from Academy Mortgage.

About Academy Mortgage

Academy Mortgage, based in Draper, Utah, is an independent mortgage lender that serves the needs of borrowers by providing them with a variety of mortgage products and services, such as conventional loans, jumbo loans, USDA loans, Renovation loans, VA loans, FHA loans, and other refinancing opportunities. The organization also offers building loans and specialized financing for certain industries and occupations. Academy Mortgage was founded in 1988, and now it employs over 2,243 people and has yearly sales of over $1.2 billion.

Information About a Possible Academy Mortgage Breach

According to reports and a post from the hackers themselves, on May 14, 2023, Academy Mortgage was added to the leak site where the ransomware group AlphV (BlackCat) posts evidence of successful cyberattacks.

The group claims, “We have been in your network for a long time and have had time to study your business. In addition, we have stolen your confidential data and are ready to publish it. We have your customer/partner data, personal data, finances, confidential data, and so on.” As indicated in the post, Academy Mortgage did not pay the ransom, so the group has threatened to post said information.

Academy Mortgage has not commented on whether or not it has had a ransomware threat, but the company may still be looking into the matter. If the company confirms that a data breach has happened, it will start sending data breach notification letters to all people whose information was exposed.

What is a Ransomware Attack and How Does it Work?

When hackers infiltrate a company’s computer network with software and demand a ransom in exchange for restoring access to the network, they are launching a ransomware attack. This software encrypts the data and also blocks the company from viewing its own records. Only those who have the necessary decryption keys may access encrypted data on the system.

The hackers behind ransomware post a message demanding money in return for the company regaining access to its data.  Once the ransom is paid and the data is decrypted, the attack will end.

Some hackers, like AlphV (BlackCat), employ a far more malicious threat to ensure that the firm pays for the information back. If the company already has copies of the data, there is little incentive for them to pay the charge. “Double extortion” is when the hackers then threaten to release the information to the dark web if the company does not pay.

If You Have Been Affected by Academy Mortgage Data Breach, Console & Associates, P.C. Can Help

The consumer privacy lawyers at Console & Associates, P.C. help customers affected by data and security breaches pursue legal solutions by offering free consultations. By explaining your rights in clear, concise terms, we help you make an informed decision about your next steps. If you are a victim of the Academy Mortgage data breach, Console & Associates, P.C. will investigate at no charge to you and offer advice on how to proceed. If you decide to pursue a case, rest assured that we don’t get paid unless you do. If your claim is successful, legal fees are either paid out of the funds recovered or by the defendant. If your claim is not successful, you pay nothing.

To schedule your free consultation, just call (866) 778-5500 today or fill out our secure contact form.

NOTICE: If you received a NOTICE OF DATA BREACH letter from Academy Mortgage, contact the attorneys at Console & Associates at (866) 778-5500 to discuss your legal options, or submit a confidential Case Evaluation form here.