The next wave of servicing regulation is coming – Are you ready?

Join this webinar to learn what servicers need to know about recent and upcoming servicing compliance regulations and strategies experts are implementing to prepare for servicing regulatory audits.

Inside Look: RealTrends 2021 Brokerage Compensation Study

Steve Murray, senior advisor to RealTrends, gives an exclusive first look at the 2021 RealTrends Brokerage Compensation Report.

Logan Mohtashami on trends in forbearance exits

In this episode of HousingWire Daily, Logan Mohtashami discusses several hot topics in the housing market, including recent trends in forbearance exits and future homebuyer demand in the midst of inventory shortages.

How lenders can prepare for increasing regulatory pressures

As compliance becomes an increased focal point for mortgage lenders and investors, staying ahead of state and federal regulations can be the difference between a flourishing business and one mired in fines.

FintechMortgage

Cybersecurity experts: Data breaches are a matter of when, not if

So you better be prepared

To hear several cybersecurity experts tell it, data breaches are all but inevitable at every company, no matter how small they may be. The only choice for companies, at this point, is to be prepared for what’s coming.

That was the message during the “Business Response to Cyber Risk” panel held Monday at the Mortgage Bankers Association’s Commercial/Multifamily Servicing and Technology Conference, which is going on right now in Miami.

The panel discussed all things cybersecurity, including how often data breaches are happening.

During the panel, the moderator, Situs Director Jim Goodall, asked the crowd to take part in a series of questions about their own experiences with data security. One of the first questions was whether their company had been the victim of a hacker in some form or fashion.

Of the 100+ people in the room, more than half – 54% – said that their company had already been the victim of a breach.

Eric Carter, senior vice president of IT and security at Northmarq Capital, said that many companies are probably victims of a breach right now, and don’t even know it.

“They say that someone is in your network for three months before they even decide to do anything,” Carter said, expressing the general wisdom amongst IT professionals.

Oftentimes, the hacker (or hackers) will spend time observing employees’ communications or work habits for a long time, before eventually jumping into a sensitive conversation by pretending to be someone else and then wreaking havoc, the panelists said.

And the threat exists for small companies and large ones, alike.

“This is not just an IT problem. The threat itself can come from anywhere. You’re only as strong as your weakest link,” Siobhan O'Keefe, senior vice president of client relations at Berkadia, said. “You have to know that the threats are getting more sophisticated.”

In many cases, all it takes is one employee falling victim to a single phishing email or using their work computer from an unsecured network.

And the larger the company, the larger the amount of risk, as Michael Kenney, vice president, multifamily operational risk for Freddie Mac Multifamily, said.

“Our executives’ information is online,” Kenney said. “We could get an email that says (CEO) Don Layton approved $50 million to go this bank. It’s something you need to be aware of.”

Kenney said that for Freddie Mac, the best defense against breaches is a good offense.

“It’s really about culture,” Kenney said. “It starts with the tone at the top. We have training. We have testing. Our information security folks will perform phishing operations on our employees. If you get caught, you go into training. And you will get tested again.”

Each of the panelists stated that the battle against cyber threats is unrelenting, and staying on top of new technology is critical, because if you don’t, your company could be next. In fact, it’s probably already too late.

Most Popular Articles

Treasury removes restrictions on investment properties

The Treasury Department and FHFA announced Tuesday that they are suspending certain requirements that were added in January to the Preferred Stock Purchase Agreements (PSPAs) between Treasury and Fannie Mae and Freddie Mac.

Sep 14, 2021 By

Latest Articles

Natural disasters and forbearance: What borrowers and mortgage servicers need to know

The United States is grappling with a sharp rise in natural disasters, including wildfires, an active hurricane season, floods, tornadoes and mudslides. The mortgage industry needs to be proactive in examining programs to help borrowers recover.

Sep 17, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please