Let’s talk Data Security

So, what is Data Security all about?

Data breaches can ruin businesses, especially small businesses. 60% of all small businesses that experience a data breach close their doors within the next six months.

 

Data security helps companies guard against data breaches. This is especially important in the mortgage industry since sensitive borrower information gets exchanged and stored, along with millions of dollars of transaction volume.

 

Many people associate data security with firewalls, encryption, password hashing, and anti-virus software. These are essential aspects of data security, but mortgage lenders need to be equally wary of social engineering, impersonation, internal employee breaches, and third party vendors. There are many non-obvious methods that thieves use to obtain access to data illegally.

 

For example, the mortgage industry has experienced several instances of criminals getting hired under false pretenses to steal data from within. Data security must address this risk as well.

Data Security Benefits

For Mortgage Professionals

Customer Confidence

Commitment to data security enables customers to apply for loans confidently, assured that the mortgage lender will protect their sensitive information.

Prevents Disaster

Breaches are costly in terms of money and reputation, subjecting victimized companies to legal liability and public scrutiny. Data security is a critical aspect of risk management to help lenders avoid this fate.

Regulatory Compliance

Standards of data security are required for regulatory compliance.

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