The mortgage industry is notorious for having to dig through paperwork and an abundance of sensitive information.
This creates a high need for lenders to place emphasis on and protect their client information, an article in National Mortgage News reports.
According to the article, 40% of small business owners have no protocols in place for securing data; however, this is up 5% from a similar survey in 2012.
"We have seen a consistent increase in small businesses without security protocols in place and a crucial first step for practicing effective information security is improving awareness of policies and procedures. Organizations face a lot of risks, but enforcing sensitive data safeguarding as a companywide practice will potentially avert both significant financial and reputational risk," Shred-It’s privacy and security officer Mike Skidmore said.