Bayview Asset Management has faced scrutiny post-2021 data breach affecting 5.8 million customers, leading to a $20 million fine and mandated cybersecurity improvements.
State regulators indicated that Bayview's cybersecurity processes were deficient, severely compromising sensitive data and resulting in regulatory oversight across several states.
The compromise began when Bayview employee inadvertently downloaded malicious software, enabling criminals to exploit sensitive customer data and necessitate state regulatory intervention.
Despite failure to meet all regulatory notification requirements, Bayview responded to the breach by offering support services and monitoring for those affected.
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