Mortgage Software Solutions Blog

Business data is available at your fingertips, but is it protected?

If your mortgage company isn’t talking about advanced data governance, you’ve missed the memo.

A businessman takes his work laptop home.

What exactly happens when a company device gets stolen?

In order to apply for a mortgage, borrowers must turn over some very personal information. So it comes as no surprise that many borrowers are concerned with the security of their mortgage lenders’ networks.

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?

Many mortgage companies, especially smaller firms, assume that their business is safe from hackers and other potential cyber attacks, but that couldn't be farther from the truth. Cyber attacks present just as big of a risk to small mortgage businesses as they do to large, and in many cases, the associated risk is actually larger.

In today’s increasingly mobile world, more and more businesses are allowing their employees to use their mobile devices for work, especially when those employees are on the road or working from home. As a result, mobile security is more important than ever for protecting businesses from the threat of an information breach. In fact, despite mounting evidence of growing security threats, many companies still disregard mobile security as a priority. And in the mortgage industry, where your company handles such quantities of private information, ignoring security on mobile devices is a gamble you cannot afford to make.

Creating a secure mobile workspace is more necessary than ever as Bring Your Own Device (BYOD) policies become increasingly common in the modern workplace. In the mortgage industry, security is especially important, since your company is handling highly sensitive, private customer information every single day. When you start to handle that data from various devices, including mobile, it becomes imperative that your devices and data are being properly protected.