Navient Borrower Data, Including SSNs, Exposed in Third-Party Ransomware Attack
NAVI sits 16% above its 52-week low of $7.33.
Summary
Navient announced that sensitive borrower data, including names, Social Security numbers, dates of birth, and addresses, was accessed. This occurred due to a ransomware incident at an external law firm the company uses, as initially disclosed in an 8-K filing earlier today. While Navient states its own systems were not compromised and no financial impact is currently expected, a breach of this nature for a financial services company carries significant regulatory, legal, and reputational risks.
At the time of this announcement, NAVI was trading at $8.51 on NASDAQ in the Finance sector, with a market capitalization of approximately $809.2M. The 52-week trading range was $7.33 to $16.07. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.