Jan. 9—New Mexico will receive $133,660 as part of a multistate settlement with a mortgage company that didn’t cooperate with an investigation after a data breach that affected millions of customers, including 38,800 New Mexicans.
The New Mexico Regulation and Licensing Department announced New Mexico’s share of the settlement on Thursday. New Mexico was one of 53 state-level regulators that settled with Bayview Asset Management and three of its affiliates for $20 million after a 2021 data breach.
Bayview Companies comprises Lakeview Loan Servicing, Community Loan Servicing and Pingora Holdings.
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In October 2021, an employee of the Bayview unknowingly downloaded malicious software that compromised data for 5.8 million customers. Bayview, which is based in Corales Gables, Florida, resolved the breach in December and notified customers as required, according to the Conference of State Bank Supervisors.
State regulators took enforcement action and during an examination found Bayview had deficient IT and cybersecurity practices and withheld information that was requested or provided redacted documents during the review, according to the CSBS. Bayview agreed to improve cybersecurity programs, undergo independent assessment and make reports to state regulators for three years, according to the CSBS.
“This settlement relates to an investigation into an incident that occurred more than three years ago, where a criminal threat actor gained unauthorized access to our systems,” a spokesperson for Bayview said in a statement. “We are pleased to put this matter behind us.”
Regulators in California, Maryland, North Carolina and Washington led the multistate effort.
“In the wake of a data breach, it is vital that companies collaborate closely with state regulators to ensure transparency, accountability and swift action,” said New Mexico Financial Institutions Division Director Mark Sadowski.”By working together, we can better safeguard consumer trust and strengthen protections against future threats.”
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