Mortgage Software Solutions Blog

As technology of cyber security advances, so does the technology of hackers.

A computer hacker is the name given to the tech-savvy folks on both sides of the internet battlefront. Bad guys or “black hat” hackers are the ones trying to break into computer systems, steal data, and install harmful software. The “white hat” hackers are cyber security heroes that develop ways to catch bad guys and stop malicious programs from doing damage. That’s interesting nomenclature, right?

The world of cybersecurity is full of intriguing tidbits that help us understand the dangers and how to protect ourselves from the black hats of the world. Here are 7 of the most interesting facts about cyber security.

1. The number of cyber attacks is going UP not down. Though white hat hackers continue to improve, the total number of cyber attacks doubled in 2017. That’s according to the Online Trust Alliance (OTA), which has named 2017 “the worst year ever in data breaches and cyber-incidents around the world.” 
2. Ransomware is leading the way in modern cyber security events. Ransomware is a type of malicious software that holds a victim’s data hostage until a ransom is paid. Instead of selling victims’ information on the black market, ransomware has established a way to make money off this stolen information directly from victims. The threat of ransomware is based on doxxing (publishing of the personal data) or blocking a victim’s online access to their own accounts.
3. 91% of cyber attacks in 2017 started with a phishing email. Phishing is the practice of sending fraudulent emails that seem to be from a reputable company. When the victim clicks on a link or freely reveals their passwords or credit card information as a response, the phish is a success. The two best ways to avoid phishing attacks are to (1) never click unknown links and (2) never send sensitive information that has been requested via email.
4. Cyber-crime damages will cost the world $6 trillion annually by 2021, up from $3 trillion just a year ago. This massive amount of money represents the greatest transfer of economic wealth in history (2017 Cybersecurity Ventures).
5. Financial organizations are the biggest targets of cyber attacks. Verizon’s 2017 Data Breach Report breaks down the hacks by percentage: Last year, 24% of breaches targeted the finance industry, 15% were aimed at healthcare, 15% were retail, and only 12% of breaches occurred in the public sector.
6. Mortgage companies are the #1 target in the industry because of the treasure trove of information that they require from customers. Mortgage companies hang onto more non-public than any other type of financial organization.
7. 93% of breaches could have been avoided by taking simple steps, such as regularly updating software or leveraging modern cloud based solutions. Can you believe that breaches are easy to prevent? There is an old saying that “the best defense is a good offense”. It applies to the cyber security world too.

If you take the initiative ahead of time to set up clear security mechanisms, your company’s data systems won’t be attractive to bad guys.

What are the new standards for security? Modernized IT including updated password policies and Multi Factor Authentication. Cloud-based data systems are key for getting your company data off those old office servers. Sophisticated cloud-based email gateways configured especially for the mortgage industry to protect against email-based threats. These are the foundations for data security when it comes to financial institutions in 2018.

Be the cyber security leader in your industry. Make the changes before hackers make the first move on your company. When you aren’t an easy target, your data remains safe and your customers stay happy.

The best thing a business can do to keep those black hats at bay is to stay informed about cyber security by reading articles like this and use their knowledge to implement solid security measures before a hack occurs.

Businesses protected by proven security measures like ABT’s Email Guardian remain safe and receive monthly reports detailing security threats. Contact us to learn more.