Reverse Mortgage Lenders Should be Cautious About Potential Cyberattacks
While web-based platforms are often more efficient than human processing, we unfortunately live in an age where the internet is being use as a weapon. No, this weapon can't physically hurt you but it can cripple your company and consumers financially.
“The bulk of hacks that end up with a data breach are coming from phishing attacks — 91% start with phishing,” says Justin Kirsch, founder of Folsom, Calif.-based mortgage technology and information security company Access Business Technologies, according to Reverse Mortgage Daily.
“They are more like your marketing team than a hacking team. Mortgage companies are being targeted. Phishing schemes are e-mailing every loan officer at a company asking for their username and password. Then they just log straight into your system.”
As the report reveals, most of these attacks come with financial motivation. In the mortgage industry, very sensitive information for clients are kept on databases that are prime targets for cyber attackers.
Mortgage companies should take the potential of cyberattacks very seriously. There are a few ways to safeguard your company from these types of attacks and implementing them sooner than later is a good idea.
One of the most popular ways companies protect themselves from a cyberattack is to implement a two-factor identification method. When logging in, it adds another step to the process which ensures that the individual logging is the accounts correct holder.
The article also suggests storing information on a cloud-based platform, staying on top of software updates as well as additional password protection plans.
To learn more about how you can protect your company from a future cyberattack, click on the image above.