We don’t have to look very far to understand the damage of a data breach to individuals, corporations, and governments. Data breaches have become public relations nightmares; the cost to fix and identify the breach plus the costs to win back business hits the bottom line hard, or worse, leads to shuttered services.
In 2017 alone, 143 million consumers were impacted by the hacking of credit rating agency Equifax; the data of 51 million Uber users was stolen; and Yahoo revealed that all three billion of their accounts were hacked.
As compliance management costs continue to mount, so do the costs to innovate and match the pace of advancing technology and data breaches. The result: Capital One exited the mortgage and home equity loans business in November of 2017 citing lack of profitability, marking a pattern of decline across the traditional mortgage and financial lending industry. Meanwhile, an uptick in agile digital lenders steadily filled the void, with Quicken Loans taking 4.9% of total market share in 2016.
The urgency to protect terabytes of data with legacy systems in light of the increase in cybersecurity breaches has put incredible pressure on the financial services industry to quickly secure its data, while simultaneously tackling complex compliance regulations and preparing for a new set of HMDA 2018 data requirements.
How can we help the industry quickly adapt to protect its data, efficiently respond to compliance requirements, and maintain a profitable business?
Users of products and services from Microsoft, Amazon, Apple, and Google recently learned of security vulnerabilities in a wide range of computer chips installed on millions of personal tech devices. While the hardware was the source of the vulnerability, cloud-based software solutions closed the vulnerability. All it took was an automatic update.
To successfully maintain a competitive edge in the mortgage and lending market during the cyber-age, securing the high volume of sensitive mortgage data is paramount. It needs a system that can immediately close security vulnerabilities and update compliance calculations and requirements through the ease of an automatic update.
Cloud-based platforms have revolutionized the security of dynamic document generation software with system infrastructures that increase the protection of consumer data and deliver safer, faster, and more user-friendly systems. This solves for several mortgage industry challenges: the costs to secure big data, protecting the myriad of personal, and much more.