Fintech platform Sageworks taken offline after suspected cyberattack

According to BleepingComputer, on October 30 the company began emergency maintenance and took the Sageworks application offline to investigate suspicious activity detected earlier that day, with the outage continuing through the weekend.[1]Abrigo said on Friday, as quoted by BleepingComputer, that "out of abundance of caution, we disabled the Sageworks application at approximately 11:25 am ET."[1]BleepingComputer reports that the incident impacted the following services: Online Portal Now, Sageworks Analyst, and Sageworks API.[1] The outlet also reports that Abrigo's latest update said most of the Sageworks functionality had been restored, with the exception of borrower-facing features.[1]BleepingComputer describes Sageworks as a software platform that helps lenders process loan applications, analyze borrowers' finances, assess creditworthiness, and monitor loan portfolios[1]. According to Abrigo, cited by the outlet, it serves more than 2,400 entities.[1]BleepingComputer reports that although a data breach has not been confirmed, some cybersecurity researchers advised banks and credit unions using Abrigo's solutions to rotate the API keys for the Sageworks platform.[1]BleepingComputer also notes that earlier this year, someone allegedly part of the ShinyHunters extortion group claimed an attack on Abrigo[1]. Mallory reports that this claim was unverified, and neither report established a connection to the subsequent Sageworks outage.[2]