Mortgage Software Solutions Blog

As data security professionals, it's clear to us why mortgage companies should be using multi-factor authentication (MFA) in their businesses. Yet many mortgage firms are still resistant to adopting this technology for fear that it will only complicate processes and slow productivity. However, the benefits of this added security far outweighs the additional effort it requires.

International criminals are cyber-attacking American companies at unprecedented rates. Worse, many victims don't even announce they paid money to these gangsters, so the FBI doesn't actually know the precise numbers. However, the threat undoubtedly continues to grow.

Is your mortgage company encrypting the hard drives of the devices it uses to conduct daily business? Here’s a better question: Could your mortgage company withstand the potentially catastrophic fallout that would occur if a computer containing confidential client information was stolen and fell into the wrong hands? What about the regulatory repercussions and lack of customer confidence that such an event would cause?

What would happen to your mortgage company if it were hit with a serious computer virus or other malware? Could your company survive both the immediate and long-term financial impact of your critical data and client records being compromised or lost? More importantly, could your company weather the loss of customer confidence in your ability to protect their data?

Is it time to start preparing the obituary for the desktop computer? Even one of the designers of the original IBM PC 5150, Mark Dean, declared that this iconic technology is all but dead. Now that there are apps for smartphones and tablets that do everything a PC could do and more, you are no longer tied to one location. Cloud-based mobility and computing are the future. 

Cyber thieves are amping up their attacks on major banks and the U.S. Federal Reserve. Recently, $81 million dollars was stolen from a Bank of Bangladesh account at the New York Fed. Cybersecurity officials are rapidly securing possible entry points for cyber thieves, finding that the most ordinary access points, such as email and social media accounts, can be all a thief needs to gain access to highly sensitive data. What does this mean for mid-sized lenders in the mortgage industry?