Finance of America Fortifies Cybersecurity

Following a cyber attack that prevented one mortgage servicing company from receiving payments, Finance of America announced that its seeking to reduce some of that risk by hiring Spera Security. 

“In many organizations, security is the ‘no’ guy. We want security to empower our very innovative business leaders to do their job in a secure manner,” said Drew Robertson, CISO at Finance of America. “Spera Security enables us to see the actual data and immediately reduce identity security risks across business units without having to drill through miles of
spreadsheets.”

According to class action lawsuits filed against Mr. Cooper Group, which is able to receive payments by phone and online now, "A survey of 683 chief information officers and IT executives revealed that the mean IT budget devoted to cybersecurity was 15%, with nearly one-quarter of organizations (23%) devoting 20% or more of their IT budget to security."

Spera Security, which specializes in identity security, reduces enterprises’ cybersecurity risk with continuous detection, analysis and prioritized remediation of identity-related issues such as orphaned accounts, over-privileged or unnecessary admin accounts, and partially off-boarded user accounts. 

“By providing a holistic and proactive identity security solution, Spera Security helps Finance of America improve their overall identity security posture while reducing their risk in a tangible way,” said Dor Fledel, CEO and co-founder of Spera Security. “Our deployment at Finance of America is yet another example of how organizations are adopting the latest technology in identity-first solutions to address modern cyberthreats and breaches.”

Mr. Cooper Group said in an 8K filing this week that it will likely spend $5 to $10 million on third-party vendors due to the cyber attack.