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Flagstar Bank Hit with $3.5M SEC Fine Over Misleading Cyberattack Disclosures

by Team Lumida
December 19, 2024
in Markets
Reading Time: 2 mins read
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Flagstar Bank Hit with $3.5M SEC Fine Over Misleading Cyberattack Disclosures
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Key Takeaways:

Powered by lumidawealth.com
• SEC penalizes Flagstar for misleading statements about 2021 cyberattack
• Breach affected 1.5 million customers and 30% of bank infrastructure
• Bank paid $1M ransom in Bitcoin to threat actors
• Third major cyberattack on Flagstar in three years

What Happened?


The SEC ordered Flagstar Bancorp to pay $3.5M for making misleading statements about a significant 2021 cyberattack. The breach, lasting nearly a month, involved ransomware deployment, credential theft, and compromise of personal information for 1.5 million customers. The bank failed to fully disclose the extent of the breach in financial filings and public statements.

Why It Matters?

  • Growing regulatory scrutiny of cyber incident disclosures
  • Financial sector vulnerability to cyber threats
  • Importance of transparent breach reporting
  • Costs of cybersecurity failures (both direct and regulatory)
  • Challenge of protecting customer data

What’s Next?

  1. Implementation of enhanced disclosure practices
  2. Potential industry-wide regulatory impact
  3. Bank’s cybersecurity improvements
  4. Similar enforcement actions against other institutions
  5. Evolution of cyber incident reporting requirements
  6. Impact on customer trust and bank operations
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© 2025 Lumida Wealth Management LLC is an SEC registered investment adviser. Privacy Policy. Cookies Policy.
Disclaimer Important Information This site is for informational purposes only. Information presented on this site does not constitute as investment advice.

Lumida Wealth Management LLC (‘Lumida”) is an SEC registered investment adviser. SEC registration does not constitute an endorsement of the firm by the Commission nor does it indicate that the adviser has attained a particular level of skill or ability.

Lumida's website (referred to herein as the "Website") is limited to the dissemination of general information pertaining to its advisory services, together with access to additional investment-related information, publications, and links. Accordingly, the publication of the Website on the Internet should not be construed by any client and/or prospective client Lumida’s solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet.

Any subsequent, direct communication by Lumida with a prospective client will be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides.

‍Lead Capture Forms: By submitting your contact information in the forms on this site, you are not obligated to invest in Lumida's product or services.
‍Address: Lumida Wealth Management, 25 W 39th Street Suite 700, New York, NY 10018