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.

BI visuals help employees in the company get on the same page.

In the last 18 months, the world has seen a sharp rise in cyber-attacks. Last year the term “data breach” became mainstream vernacular. In 2014, the Wall Street Journal devoted 1,102 articles related to data breaches up by more than 50% from the 470 articles from the previous year.  Thinking about how much financial data your mortgage firm deals with on a daily basis is enough to make your head spin. Because of this, you probably find yourself thinking about mortgage company security all the time. But if those concerns are keeping you up at night, it may be time to think more seriously about what kind of security you're using and whether it's really working to ward off cyber dangers.Last year, The Los Angeles Times did a piece about how vulnerable mortgage companies really are to the above threats. The report came from a cyber security firm called Halock Security Labs and an extensive study on mortgage lenders about their security vulnerabilities. In the report, the firm found that out of those surveyed, seven out of 10 mortgage firms sent digital data without proper encryption.

Information security for mortgage companies used to be simple. As long as your employees didn't take vital client information out of the building, it was secure. With every increase in technology over the past few decades, it's become more and more difficult to ensure complete information security within your business--and that means that your clients are at risk for fraud and identity theft. That's why your mortgage company needs a dedicated IT force focused on security to keep the vital information contained within your database as safe as possible.