Abrigo confirms 'data security incident' caused 3-day outage

This news is a major warning for any retailer or lender using third-party software to manage credit risk and loan originations. Abrigo, a major provider of compliance and lending software (including the popular Sageworks platform), recently suffered a three-day system outage caused by a cyberattack. While the company says the breach is contained, many borrower-facing features remained offline. For a business owner, this means potential delays in processing customer credit applications or managing existing loan portfolios if your lender relies on these backend tools. The situation highlights a hidden risk in modern consumer financing: your ability to close a sale often depends on a chain of software providers you don't control. When a platform like Sageworks goes dark, the flow of credit can stop instantly. This incident did not just affect banks; it impacted the tools used to calculate risk and approve borrowers. If you are currently seeing slow response times from your financing partners or errors in your lending portal, this industry-wide incident may be the root cause. It is a good time to ask your financing providers about their backup plans for technical outages and how they protect the sensitive data your customers submit during the application process.

Source: American Banker — Top News

← Return to the library· Submit a correction