Bayview Asset Management Settles for $20 Million Over Data Breach

Bayview Asset Management has agreed to a $20 million settlement following a 2021 data breach that compromised the personal information of 5.8 million customers. The breach occurred when an employee inadvertently downloaded malicious software, allowing unauthorized access to sensitive data.

HousingWire

The settlement, coordinated by financial regulatory agencies across 53 jurisdictions—including California, Maryland, North Carolina, and Washington state—addresses allegations of deficient cybersecurity practices and a lack of cooperation during the investigation. In addition to the financial penalty, Bayview is required to enhance its cybersecurity measures, undergo independent assessments, and provide reports to state regulators over the next three years.

Wall Street Journal

This case underscores the increasing regulatory focus on cybersecurity within the financial sector, highlighting the importance of robust data protection measures to safeguard consumer information.

Wall Street Journal