Mortgage

Cyber 101 for Mortgage Lenders: The Importance of a Cyber Assessment  

Mortgage companies are key targets for cyber criminals as they store plenty of sensitive customer data required for the mortgage lending process. To identify potential risks and vulnerabilities within an organization, cyber assessments are conducted to ensure the company’s data and overall IT infrastructure have protections in place to minimize the risk of infiltration from cyber criminals. What is a cyber assessment? Let’s dive in!  

What is a Cyber Assessment?  

Cybersecurity Assessments focus on identifying internal security vulnerabilities and how attackers are navigating their way through your systems. They provide a high-level overview of an organization’s security processes by identifying gaps in your program and vulnerabilities in your environment, making recommendations, and offering best practices for security strategies that can be implemented to protect an organization from cyber attackers.   

Depending on your organization’s needs, cybersecurity assessments cover a wide range of areas, from penetration testing – where cyber engineers use simulated attacks to uncover hidden gaps within your systems – to risk assessments, which ensure you’re aligning with industry compliance standards and third-party requirements. With the extensive range of assessments and expertise from our consultants, assessments can be custom-tailored to what works best for your business.  

Lender Reporting Requirements   

The stringent cyber incident reporting requirements create a heightened need for robust cybersecurity programs developed through thorough assessment. The FHA requires a cyber incident to be reported within 12 hours and Ginnie Mae has a 48-hour reporting requirement. Without a robust cybersecurity plan and routine testing in place with an expert team to execute it, adhering to this requirement would be nearly impossible.  

Why a Cyber Assessment?  

Why do companies invest in cybersecurity assessments? One word: safety. The safety and protection of an organization’s digital ecosystem is top of mind to ensure you are protecting sensitive data. A cybersecurity breach can damage a mortgage lenders’ reputation and diminish a customer’s trust in your organization. Regular assessments, balancing your business goals and cybersecurity challenges, will allow you to grow while staying secure. They help ensure that any overlooked security gaps are caught firsthand and a plan is set into place to fill the gaps.   

Nobody should worry about their data being stolen or losing revenue from an incident. This is where Richey May’s Cybersecurity team comes in. Our cybersecurity experts provide detailed recommendations and roadmaps based on your current cybersecurity posture, evidence from simulated attacks, and growth objectives to expose any risks or immediate dangers within your systems. They focus on high-impact areas to implement security controls without overwhelming your organization. Without regular security risk analysis, mortgage companies jeopardize sensitive data, increasing the potential for data breaches, malware infections, and lost revenue. Reach out to the Richey May Cybersecurity Experts to learn about potential vulnerabilities in your organization and how we can help.