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.
For Mortgage Professionals
Commitment to data security enables customers to apply for loans confidently, assured that the mortgage lender will protect their sensitive information.
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.
Standards of data security are required for regulatory compliance.
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FundingShield offers industry leading FinTech B2B & B2B2C fraud prevention solutions that deliver transaction-level coverage against wire & title fraud, settlement risk, closing agent compliance & cyber threats while reducing operating costs and improving asset quality.
Inventiv Technologies is a premier technology solutions provider for the mortgage banking industry, specializing in state-of-the-art solutions for Cybersecurity, Cloud Services, Managed and Co-Managed Services, Integrations and much more. We know and understand the needs of mortgage companies.
Founded in 1999, Access Business Technologies, LLC (ABT), is a leading provider of hosted, on-demand mortgage technologies, mortgage industry data warehouses, data connections between LOS, Core, and Servicing platforms, and virtual access to business technologies that empower mortgage professionals in a secure work-from-anywhere environment. We are a certified Microsoft Gold Partner and SSAE 18 SOC 1 Type II cloud solution provider serving over 900 banks, credit unions, and non-depository lenders.
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