First American provides update: cyber incident delayed Q4 transactions, lost revenue to Q1 2024

First American Financial Corp

Company isolated IT systems on Dec 20, 2023; contained incident and resumed business operations.
Q4 2023 transactions delayed to Q1 2024, shifting revenue recognition; some transactions lost to competitors.
One-time expenses incurred in Q4 2023 as a result of the cybersecurity incident.
Incident expected to materially impact Q4 2023 results, but not overall financial condition or ongoing operations.

Key facts

Extracted from this filing and checked against the source text.

Cybersecurity Incidents SEC 8-K Item 1.05 confidence 0.9

First American Financial Corp disclosed a cybersecurity incident: unauthorized activity on certain of its information technology systems. Impact: material impact on Q4 2023 results of operations; revenue delayed from Q4 2023 to Q1 2024; loss of revenue from transactions moved to other providers; one-time expenses incurred. Materiality is still being assessed.

Nature: unauthorized activity on certain of its information technology systems
Impact: material impact on Q4 2023 results of operations; revenue delayed from Q4 2023 to Q1 2024; loss of revenue from transactions moved to other providers; one-time expenses incurred
Materiality: assessing

Exact text from the filing

As disclosed in the Original Report, the Company identified unauthorized activity on certain of its information technology systems. Upon detection, the Company acted to contain, assess and remediate the incident.

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2 cybersecurity incidents filed in the last 30 days. Browse all cybersecurity incidents →

First American Financial Corp filing history →

Source: SEC EDGAR

accession 0000950170-24-004247

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