Abrigo takes Sageworks lending platform offline after unusual activity
Most of the service is back, but borrower-facing features remain unavailable while the cause is still unknown.
Abrigo, a fintech provider serving more than 2,400 community banks and credit unions, took its Sageworks lending platform offline on October 30 after detecting unusual activity in its environment. Restoration has since brought back most of the service, though features used by borrowers remain unavailable. The company has not said what caused the disruption, so it is unclear whether a breach or a technical fault lies behind it. Earlier in the year, a group linked to ShinyHunters claimed to have taken 1.7 million Salesforce records from Abrigo, which has not been confirmed. Some researchers have urged institutions using Sageworks to rotate their API keys as a precaution.
Why it matters
Community banks and credit unions that rely on Sageworks are working without some borrower-facing features while Abrigo investigates. Because the company has not said whether a breach occurred, institutions cannot yet tell whether their data was exposed. Some researchers have advised rotating Sageworks API keys as a precaution, and the outcome of the investigation will determine whether that step was needed.
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