Mortgage companies must focus on bolstering cybersecurity infrastructure, and should report any and all incursions from bad actors who seek access to sensitive information or who plan to encrypt systems to hold for ransom.
This was a core part of the thesis presented by Selim Aissi, cybersecurity expert and former CISO of ICE Mortgage Technologies (formerly Ellie Mae) during a keynote session at HW Annual in Frisco, Texas this week.
Ransomware attacks – in which a bad actor gains access to a target individual or organization’s digital systems, then encrypts them, and sells the decryption key back to the victim for a price – have grown significantly more sophisticated over the past several years.
This has led to a wider gamut of bad actors – including more “traditional” criminals, such as members of organized crime – to get involved in cybercrime.
Total losses from cybercrime exceeded $4.2 billion in 2020, Aissi explained. The most common forms of cybercrime in 2020 included phishing incursions, business email compromise (BEC) and ransomware, which has extended into 2021.