Mortgage Software Solutions Blog

7 of the Most Interesting Facts About Cyber Security

 

pic blog-1.jpgAs 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.

Image: Pexels.com
Topics: Mortgage Software Reporting dangers of ransomware email security data security mortgage company security financial data security creating strong passwords social networking safety phishing multi-factor authentication cybersecurity security productivity mortgage business malware network safety

4 Reasons to Implement a Mortgage Business Intelligence Strategy

bim.jpgBI visuals help employees in the company get on the same page.

Business Intelligence (BI) has come a long way since its first implementation.

At its most basic, BI has always involved analyzing reports and performance information to allow companies to make decisions based on past activity.

At the complex level of present-day information gathering, BI handles large amounts of unstructured, seeming unrelated data and then makes utilitarian connections between data points.

Using modern BI, a company can turn information sets into successful business strategies that give them the edge on the market and long-term stability over their competitors. Nowadays companies even have access to industry-specific BI tools.

Can you imagine why the mortgage industry should harness this ability? Here are 4 reasons to implement a Business Intelligence Strategy in your mortgage company.

  1. Integrated BI for Complete Data

By integrating business intelligence, a mortgage company has the ability to gather data on their activity via an existing mortgage enterprise management system (EMS) and then work with that data using the BI module.

With two or more applications communicating seamlessly, administrators have all the company information at their fingertips.

Integrating BI with existing tools like EMS and CRM platforms makes the data sets more ample and complete.

  1. Improved Strategic Awareness

Integrated Mortgage BI goes beyond just connecting platforms. It develops a rich business intelligence data warehouse (BIDW) that forms the basis for future decisions.

The BI module has the capacity of building data model visuals that are easy to understand. Using the full range of information available, this feature processes information to make it actionable. Pulling information from all sources means providing the company with rich prescriptive and predictive analytics output.

The strategy of information awareness and fact-based decisions produces a positive influence on the bottom line.

  1. BI Accessibility Breeds Positive Change

It used to be that companies needed IT analysts to interface with the data and come up with insight. It was a management level activity shared between tech folks and decision makers in the company.

With an industry-specific BI strategy in place, everyday users in a mortgage company can view easy-to-understand level-specific data related to their work. Placing BI in employee dashboards empowers them to make informed decisions. It goes beyond IT data and links up with HR, employee metrics, customized dashboards, and more to give the power of data to employees at every level of the company.

Smart decisions go from being seen as top-down directives to using real information as the basis for decisions company-wide. This change in company culture has the benefit of increasing employee job satisfaction and efficiency, which also affects the bottom line.

  1. Industry-Specific Bi is Affordable

There are plenty of BI applications on the market. From Tableau to Microsoft, the tech industry has developed a plethora of BI platforms with a range of executions.

There are also visionary platforms like Salesforce that are extremely flexible but require in-house IT customization. They come with bells and whistles that aren’t meant for the mortgage industry.

Mortgage companies without the resources to create their own fit have a better option. Industry-specific software with ample performance ability is the sweet spot. A mortgage-specific BI tool like this is the most affordable choice.

Mortgage companies who implement this type of “goldilocks” platform will be able to harness the power of BI quickly and easily.

Mortgage BI, developed by the same Northern California-based company that produces the data-sharing software MortgageExchange™, is a perfect example of this type of “goldilocks” platform.

ABT’s takes Microsoft’s Power BI software and their own MortgageExchange and combines them for a leading example of how companies can harness the big-brand power of BI without being oversized or overpriced. Not too expensive, no surplus of addons, and customized to be just right for the finance industry.

BI offers huge improvements to every modern mortgage company’s business strategy. The improved strategic awareness will save your company from financial missteps and BI-generated visual representations of performance data will put employees on the same page across the company.

With BI implementation, companies can efficiently put their data to work and move forward with clear direction.

Contact ABT directly to learn about Mortgage BI business analytics for your bank, credit union, or mortgage company.

Image: VisualHunt.com

Topics: Cloud Services information security for mortgage companies data interface solution data security mortgage software integration Business Intelligence Mortgage BI security productivity mortgage business mortgage regulations mobile technology mortgage industry

How New York’s Latest Cyber Security Law Will Impact You

sgfhj.jpgNew cyber security laws in New York mean strict accountability for businesses.

Cyber security is on the brink of an unprecedented crackdown in New York.

The finance industry is preparing for a new normal that looks vastly more stringent than before.

Part reaction to consumer outrage and part finger-pointing to the market for accountability when it comes to data breaches, the regulation titled Cybersecurity Requirements for Financial Services Companies (2017) is a broad re-draw of the rules by the state regulator.

In a country where the sector has historically played fast and loose with handling missteps, all eyes are watching to see how quickly it can adapt to the new normal.

As everyone settles in for the ride, industry insiders are already forming hypotheses about how far this new regimentation will reach.

Laying Down the Law

The new law outlining consumer data security measures in New York State is the first of its kind in the United States.

Officially released in March of 2017 with a built-in year of lag time, the enforcement date has arrived. As of Thursday February 15, 2018 enforcement is in full effect.

Financial institutions are expected to have stepped up their game in safeguarding computer systems and the sensitive information stored inside. A full guide to the highly prescriptive requirements can be found here.

The end goal is to avoiding security breaches by making businesses sufficiently fearful of repercussions. If they do foster an environment that allows for future problems or leaks of personal data, the stakes are high.

Who the Law Affects

The current law has been interpreted to include all banking, insurance, lending, and mortgage brokerage firms that are operating in New York. Every company under that heading will be held to the new standard.

This means that entities must get in gear to assess their actual and potential cybersecurity risks and make a solid plan to mitigate them.

The good news for IT departments is that due to the highly detailed guidelines about policy and the use of technology to patch up the security gaps, they have rather exact instructions to follow.

Beyond State Lines

At first glance, companies outside of New York might assume they have been spared from the harshest regulations in the country. After a closer look, it seems imminent that the change will have a wide-ranging impact.

Going forward, consumers will rely on their financial institutions to keep personal data safe. Not only are the expectations high, but the safety net sets the stage for demanding the same in other states.

Mortgage companies across the country are targeted by hackers due to the quantity of information and the quality of its use for fraud purposes. Companies outside of New York in the same industry should brace for the arrival of comparable laws on their home turf.  

Out-of-state entities with branches in New York should have a response as well, even before their own states begin drafting something similar.

In fact, other states are already following suit. Colorado and Vermont introduced their own measures within months after the NY regulation was put in place.

Vermont’s law names “securities professionals” as the intended subjects of its tighter regulations. Without specifying banks, the use of this broad term leaves the door open for enforcement with entities that may not previously fall under the state’s traditional regulation agencies.

As a global financial hub, even entities doing business in New York should consider getting the jump on re-assessing their policies as a continuity plan.

Beyond the Finance World

The effect of intensified scrutiny over cyber security practices will logically spill over to third-parties who work in the finance world and businesses who directly manage cyber security for the industry.

Fortune magazine goes one step further, predicting that ripple effect will go well beyond the financial industry. It could cover security events by any business that stores personal data “from point-of-sale to payroll providers.”

After that, it seems the industry shake-up will likely bleed into any major industry that houses consumer data using any sort of technology. These days, companies who aren’t keeping customer information in a computer system are few and far between.

The only thing the industry seems sure of is how this trend in accountability will not be contained by state lines or by industry.

In the early days of this new law’s enactment, the extent of this chain reaction is yet to be seen.

Over the next fiscal year, New Yorkers will lead the way, with countless gazes focused on them for cues of how to adapt.

ABT’s cloud-based portal MortgageWorkSpace adds banking level security to email, servers, PC’s and mobile devices in the mortgage industry. Contact us to learn more.

Image: VisualHunt.com

Topics: Compliance Due Diligence cyber security mortgage company security financial data security cybersecurity mortgage business mortgage industry Consumer Finance Protection Bureau Compliance for Mortgage Companies Compliance Audit cloud-based data Mortgage Lending 23 NYCRR Part 500 NYSDFS network safety