cybersecurity

Cause for Concern? Quantifying Mortgage Lenders’ Cybersecurity Risks

December 10, 2019

The mortgage industry holds a vital position in the U.S. economy. It provides millions of consumers with financing that they use to buy homes and achieve the American dream. To do so, mortgage professionals must acquire sensitive, non-public information which makes the industry a target for criminals. 

As more of the mortgage industry moves online, new convenience has been accompanied with an elevated risk. So it’s no surprise that cybersecurity remains the top concern at a majority of lending institutions, according to the 2019 Regulatory & Risk Management Indicator by Wolters Kluwer, which provides legal and banking professionals with solutions to ensure compliance.

78% of lenders that participated in the survey said cybersecurity was a top risk that will receive “escalated priority” in 2020, down just a bit from 81% last year.

So what can mortgage lenders do to protect themselves? 

As a first step, you can read the Mortgage Bankers Association’s white paper “The Basic Components of an Information Security Program,” which was released in October.

It provides mortgage industry professionals with a detailed overview of the information security risks that affect the mortgage industry and explanations of the basic components of a security program intended to manage those risks.

Inside you will find advice on how to:

  • Manage Risk
  • Protect Endpoints
  • Protect Internet Connections
  • Patch Operating Systems and Applications
  • Make Backup Copies of Important Business Data and Information
  • Control Physical Access to Computers and Network Components
  • Secure Wireless Access Points and Networks
  • Train Employees in Basic Security Principles
  • Require Individual User Accounts for Each Employee on Business Computers and for Business Applications
  • Manage Data
  • Limit Authority to Install Software
  • Create Business Policies Related to Information Security
  • Exercise Due Diligence in Hiring Employees
  • Get Help with Information Security When You Need It
  • Perform an Asset Inventory to Identify Sensitive Business Information
  • Implement Encryption to Protect Your Business Information
  • Ensure Your Vendor Management Protocol Includes Risk Management Procedures
  • Plan for Business Continuity and Disaster Recovery
  • Include Requirements for Information Security as you Change Current Systems, Implement New Systems and Build Systems from Scratch

Find it all here The Basic Components of an Information Security Program

Lakeside Title Company Streamlines Work for Lenders 

With forecasts calling for a busy first half of the year, you’ll need to focus on acquiring customers and following up with leads. Lakeside Title Company can help by taking the paperwork off your desk. We cater to the finance community, whether you’re a credit union or a bank, by streamlining the refinance title and closing processes

Reach out to us today.