Mortgage companies that pay ransomware set a dangerous precedent

A 2017 data breach investigation study by Verizon revealed 24% of breaches that year affected financial organizations. The success of mortgage companies falling victim to cybercrime through ransomware attacks entices hackers to target more companies in the same industry segment.

According to the Securities and Exchange Commission, the average cost of a cyber-data breach rose from $4.9 million in 2017 to $7.5 million in 2018. AT&T’s “Cybersecurity Insights Report” estimates cybercrime damages will cost the world $6 trillion annually by 2021.

This white paper explores the danger and risks of ransomware attacks targeting mortgage companies while also highlighting what to do to protect and prevent falling victim to ransomware in the first place.

Publisher: Access Business Technologies
Date: November 2019

Popular White Papers

Navigating new norms: Outsourcing as a catalyst for mortgage service excellence 

As the mortgage sector navigates through complex market dynamics, the primary objectives for many organizations remain the same: master cost efficiency, ensure the delivery of high-quality service, and effectively scale operations. Outsourcing activities to specialized providers continues to be a primary strategy for achieving such goals. This white paper discusses how lenders and servicers can:

Featured Content

Why is real estate tech a hot topic? 

With high consumer expectations and numerous operational hurdles, real estate professionals are increasingly relying on innovative tech solutions. However, the industry needs better, more integrated software rather than just more tools, as highlighted by Lone Wolf’s new end-to-end platform, Lone Wolf Foundation.

3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please