Keeping Your Data Secure in the Remote Work Environment

By Bill Dolan, CMB

Start by Making Sure You Are Secure

A top priority at SCA, whether working at our office or remotely from home is the security of both our data as well as our clients’ borrower personal and financial information.

Today, too many financial institutions work in a way that is both fundamentally broken and totally insecure. Software data currently resides on your POS (LO’s using smartphones and I-Pads), LOS and PPE and everywhere in between. You find it in word docs, Outlook, and other locations, and on a daily basis, we upload, download and transfer to third party vendors. 

The easiest way to be hacked is to have systems that nobody on your team and at your company understands. If given the choice, decide on platforms that utilize the most present and up-to-date security measures and that utilize simple interfaces between your systems.

Data is the core of the mortgage industry and protecting it should be the highest priority for all mortgage bankers no matter what size you are. The conventional methods of security are no longer acceptable and it is time to own up to this reality.

To protect your business as well as the bottom-line, here are five security best practices for mortgage lenders that might be helpful to you:

1.       Use an encrypted password manager

This allows you to maintain password integrity across all systems and devices without having to remember dozens of passwords.

2.       Fortify your data defenses

Mortgage bankers that adopt a combination of password managers, encryption-at-rest tools and two-factor authentication can be self-assured that your data would be useless if falling into unauthorized hands.

3.       Implement a VPN for remote work

A VPN (Virtual Private Network) will allow you to securely access a private network and share data remotely through public networks. Much like a firewall protects your data on a computer, VPNs protect the data when you or your team are online.

4.       Create an enterprise-grade communication app

Instant communication coupled with data security and privacy lead to improved sales and a far better borrower experience, less errors and a mortgage team that works as one close-knit workforce.

5.       Employ a hacker (don’t laugh)

Employ a hacker to analyze your systems to identify security holes and pay them to find them. Hackers hack so wouldn’t you rather pay them to be on your side of the fence and work for you rather than dealing with legal, privacy, intellectual property and cyber fraud issues when hackers use your weaknesses against you.

If you are in the process of empowering your mortgage teams by implementing the latest POS, LOS or PPE systems and need support and direction to unlock efficiencies and improve stability, contact SCA Mortgage Technology consultant team at (617) 694-2617.