The COVID-19 threat has sent much of the mortgage industry's workforce to work from home. We recently shared a post that addressed whether or not there was enough bandwidth to cover the amount of remote-working folks. Though, there is another important issue that comes with working from home: cyber security.
As mortgage professionals leave the secure networks of their offices and begin working from home, client information becomes more vulnerable. Of course, most companies have strong IT networks and offer encryptions and other methods for keeping sensitive information safe but this may not be the case for all.
A recent report from Forbes suggests that lenders must ensure that they have the right person for the job when it comes to having an IT manager.
"Cybersecurity is much more than simply preventing someone from accessing areas where they shouldn’t be: it is also extremely important people who need access can do so without having to stand on one leg while reciting the alphabet backwards," according to the report.
"If you run a company, and in an exceptional situation like the present one, you find yourself faced with a wave of protests from the workforce claiming that your security protocols are preventing them from doing their job normally, you probably have the wrong security manager."
As a company, there are a few other steps that you can take to ensure that your company is making the right steps towards securing sensitive information. A recent report from JDSupra revealed five cybersecurity practices that will help minimize your risk during the COVID-19 scare.
These step include:
- beware of hackers using coronavirus malware to infect your computer,
- revisit wire transfer policies and procedures,
- implement multifactor authentication for working remotely,
- encrypt company laptops to protect against risks of loss or theft, and,
- reduce the cost of an attack with cyber insurance.