Almost every industry is embracing technology nowadays, but the mortgage industry in particular is embracing digital lending – a process enabled through algorithms and dynamic software – allowing them to provide on-demand service to their clients. The nature of these systems makes them incredibly vulnerable to cybercrime. Why? Because they enable accessibility of personal borrower data via the internet, and typically, they’re supported by third-party vendors. While it’s fantastic that mortgage companies are embracing technology to meet the ever-evolving demands of their clients, it’s more important than ever before to ensure a proper cybersecurity approach is followed.
Ellie Mae’s Borrower Insights Survey 2018 shared some interesting insight into the minds of borrowers. In their research, they found that:
As cybercrime becomes a more prevalent digital epidemic, consumers are seeing more and more evidence that proves they SHOULD be nervous about the threat landscape and keeping their personal information safe.
It’s all about ensuring a proper cybersecurity approach is followed. Naturally, technology is an absolute necessity in the mortgage industry, but data breaches are far too common to ignore. In the current mortgage market wherein costs are constantly rising, the average mortgage company can’t afford to buy or build the infrastructure, processes, and procedures they need on their own. That’s where outsourcing comes into play. However, this option is only ideal if you’re outsourcing to a technology partner that knows cybersecurity. This means they must be:
Alliance Technology Partners, for instance, works with mortgage companies throughout St. Lous. We provide military-grade cybersecurity tools and technologies that help you protect against the range of attacks that mortgage lenders are subject to, along with ensuring you’re in compliance with all necessary rules and regulations. Our ARMADA cyber-security solution has all of the moving parts and high-level strategies to combat cybercrime – categorized into 4 levels:
Let our team of experts at Alliance Technology Partners assist you further in securing your business.