SecureMyTransaction from Alliant National is reshaping fraud prevention in real estate. Listen in as Alliant National Risk Management and Data Privacy Officer Tom Weyant, and Jerome Magana with Select Specialty Insurance, discuss how cutting-edge technologies and business insurance coverages work together to help you safeguard transactions, protect clients, and preserve your business.
VP, Risk Management and Data Privacy Officer CQA, CFE American Society for Quality (ASQ®) Member Association of Certified Fraud Examiners (ACFE®) Member d: 303.682.9800 x530 | c: 720.534.6235 e: tweyant@alliantnational.com
It will come as no surprise when I say that we live in an increasingly perilous world. Fraud, cybercrime and natural disasters are all on the rise, and businesses must use all available means to safeguard IT infrastructure and data. Yet merely running data backups is just one of many steps you should take to ensure business continuity in the face of calamity. Title agencies should also strongly consider a disaster recovery plan. Although it’s no silver bullet, creating a comprehensive plan allows you to rest easier if a worst-case scenario arrives. Let’s look at what it entails.
Disaster recovery versus incident response
First, what is disaster recovery and how does it differ from something like incident response? While both are designed to respond to IT disruption, there are crucial differences between the two processes:
Scope: Disaster recovery plans typically deal with larger and more systemic IT problems than those addressed by incident response. They tackle major issues like full-scale IT restoration in the event of major catastrophes like floods, hardware failures or cyberattacks. Incident response, on the other hand, is geared toward dealing with individual IT incidents on a one-off or as-needed basis.
Time span and focuses: Disaster recovery plans are more concerned with longer-term recovery processes than incident response. Think days or weeks versus minutes or hours. The two processes also have different focuses. Incident response is preoccupied with swift remediation of IT incidents, while disaster recovery can include data backups, ensuring continuity and even establishing alternative work sites.
The core principles of disaster recovery
Now that we’ve explored what disaster recovery is, let’s look at what goes into building a plan that ensures continuity, prevents lasting damage and accelerates system restoration. A comprehensive plan should include the following pillars:
Introduction: Sketch out your goals for disaster recovery and the objectives you will need to hit to support each goal.
Business Analysis: Next, detail your agency’s threats and vulnerabilities, as well as their potential business impact.
Recovery Processes: Include step-by-step instructions for how systems will be restored. Include who needs to be involved in these activities, as well as their roles and responsibilities.
Data Recovery: List out all organizational policies regarding the recovery of mission critical data. These steps should involve backup procedures, in addition to off-site storage locations.
Alternative Worksites and Communication Plans: Outline how your team will continue to function in the event of having to abandon your typical worksite. Include information about alternative work locations and communication methods.
Testing and Compliance: Determine how you will test your plan prior to a disaster taking place. Ensure that all policies are compliant with relevant industry regulations.
Implementing your plan
Once you finalize your disaster recovery plan, don’t let it gather dust. Gain necessary reviews and approvals. Distribute the plan to relevant personnel and store it in an accessible location. Conduct training on specific software and data practices, and finally, test for flaws and iterate for continuous improvement.
Protect your IT suite through thick and thin
Creating a strong disaster recovery plan can take a bit of work up-front, but it pays off big time in a worst-case scenario. More comprehensive than incidence response, disaster recovery includes steps for restoring systems and maintaining business continuity even during a catastrophic event. While nothing can fully eliminate IT risk, disaster recovery plans can help your firm roll with the punches of today’s threat landscape and keep moving forward.
Public, private, or hybrid—what suits your agency best?
Once a novelty, cloud networks now personify the modern workspace. Businesses leveraging cloud deployments typically enjoy enhanced flexibility and productivity. Moreover, with the rise of remote work, the cloud has become crucial in attracting and retaining valuable talent. However, maximizing the benefits of your cloud network depends on selecting a deployment model that aligns with your organization’s goals. If you’re considering the cloud for your agency, you’ll need to choose between public, private, and hybrid options. Let’s explore the differences to help you determine the best route for your business.
Public Cloud Deployments
Public cloud networks rely on the infrastructure provided by third-party cloud service providers. In this setup, companies utilize shared resources and are often charged based on a pay-as-you-go model. Let’s delve into the pros and cons of this deployment model.
Pros:
Greater accessibility: Public cloud providers often have a large service area, meaning agents can access vital tools and data from any location.
Easier scalability: Public cloud providers typically offer flexible pricing models, which can be ideal for agencies seeking to scale their infrastructure up and down depending on business demand.
Better focus on core business goals: Migrating to the public cloud offloads IT management to a third party, which empowers agencies to focus more on their transactions and customer relations.
Cons:
Security concerns: Despite their robust features, the fact that resources are shared on a public cloud may trigger potential security and privacy concerns.
Third-party dependence: Using the public cloud means your IT setup becomes largely dependent on a third-party provider.
Cost overruns: Public cloud is rightly celebrated for its flexible pricing, but without careful due diligence, it can also lead to cost-overruns.
Private Cloud Deployments
Private cloud networks are designed for the exclusive use of a single organization and are managed either by the network’s owner or third-party. Here are a few of the benefits and potential drawbacks.
Pros:
Customized security: Private networks enable administrators to create customized security controls and exercise greater data sovereignty, which greatly assists with compliance in regulated industries like title insurance.
Performance gains: Plus, with private networks being designed for exclusive use, companies can potentially gain more consistent network performance.
Effective resource allocation: Private clouds permit more effective control over digital resources, which optimizes an organization’s productivity and cost-effectiveness.
Cons:
Up-front investment: Private clouds can involve sizable up-front costs, as businesses will need to invest in infrastructure like servers and networking equipment.
Rigid structure: Relying on private clouds can pose problems for agencies if they want to make changes to their deployment setup. Investing in additional infrastructure may be required to support higher-intensity workloads.
Higher maintenance costs: Maintaining a private cloud necessitates that agencies continually invest in sufficient resources like specialized IT knowledge, which can potentially strain budgets that could go toward other revenue-producing activities.
Hybrid Cloud Deployments
Aside from these two options, there is also the hybrid cloud deployment model, which combines elements of both public and private clouds. Hybrid-cloud organizations will typically host some resources, data and workloads within a private cloud while also utilizing third-party providers like AWS or Microsoft Azure. Check out the pros and cons of this approach.
Pros:
A fluid model: Hybrid deployments can easily scale to meet fluctuating demand within the real estate industry and ensure optimal resource allocation.
Cost-effective: Hybrid clouds afford agencies flexibility in how they use their cloud infrastructure. Agencies can leverage the public cloud during peak worktimes and avoid overprovisioning their private network.
Customizable security: Hybrid cloud businesses can create customizable security measures regarding where they house critical data or workloads. Agencies deal with highly sensitive information. With hybrid cloud, this data can be kept out of a public network and managed on-premises for greater peace of mind.
Cons:
Complex management: Managing a hybrid cloud can be complex. Agencies must be adept at navigating diverse environments and integrating various systems into a cohesive whole.
Cost control: Using multiple cloud networks can cause billing headaches, as users sometimes find it difficult to track resource allocation, transfer data and reduce waste.
Regulatory compliance roadblocks: Finally, hybrid clouds can create security and compliance risks with data that is moving between environments. Agencies will need to implement stringent controls to secure data that is “in-transit” between networks as well as data “at rest” within a single network.
Final Thoughts
As with any critical IT decision, all cloud deployments have their pros and cons. Before pulling the trigger, spend time talking critically about your business and what will work well for your team. Some considerations to mull over include your security requirements, budgets, current IT capabilities and future business projections. After having these important conversations, you can reference our list of pros and cons to select a network that will take your business to the next level.
Protect your business by taking a comprehensive approach to cybersecurity.
Sometimes the cybersecurity landscape can feel a bit hopeless, especially when you look at recent data. News headlines are abuzz about breaches. Major companies across the economy are routinely victimized by hackers. Municipalities are open targets. Despite millions invested in security solutions, attacks seem to continue with unrelenting frequency. It all begs the question: Where do we go next?
The answer is deceptively simple. Agencies seeking to keep their networks secure and data safe must build a cybersecure culture. How do you do it? Let’s look at a few ideas.
What is a cybersecure culture?
A workplace with a “cybersecure culture” is one with a broad understanding of cybersecurity’s importance. Additionally, these are workplaces that promote cybersecurity training and consider every employee an important contributor to their overall security posture. Cybersecurity is not an afterthought in these organizations but a key goal that directly informs the workplace’s strategic decision-making.
Start with some simple questions
The work of building a cybersecure culture begins with the recognition that a long-term commitment is required. Start by asking stakeholders for their buy-in and ensure you will be properly resourced for the long haul. Once assured of your organization’s support, you can develop strategies and tactics to achieve your cybersecurity goals.
Security awareness training
Companies are increasingly realizing that technology solutions are not a magic bullet in the war against hackers and fraudsters, and many have begun supplementing their tools with security awareness training. The importance of such training really cannot be overstated, as the data shows that human error is one of the primary causes of major cyber incidents like data breaches. Just a few years ago, Stanford University partnered with a cybersecurity organization and found “that approximately 88% of all data breaches are caused by an employee mistake.”[i]
Security awareness training that provides tailored and comprehensive content can directly address this issue. More specifically, an effective program will also look at the most pressing threats facing your organization. It will then offer guidance on how employees can recognize suspicious activity and take action. Some additional tips for building a great program are:
Share actionable tips on how to create strong passwords, properly identify suspicious emails and assess which links are safe.
Consider consulting a provider that offers security awareness training programs with customized content.
Apply a critical policy eye
Another step for building a cybersecure organization is to review relevant policies and adjust where necessary. Oftentimes, organizations fail to specify core parts of their cybersecurity strategy, which results in inconsistencies in acceptable use, data protection and incident response procedures. Fleshing these out needs to be a business priority, as it will create the consistency essential to keeping attackers at bay.
Create a collaborative, responsible culture
One of the last pillars of a cybersecure culture is arguably the trickiest. You need to also establish a workplace where people speak up about suspicious or illegal cyberactivity. This requires multiple steps. Obviously, you need to establish clear reporting channels and processes, but you must also ensure that employees believe that your company’s response will be fair and non-punitive. Investing in team building activities throughout the year can be one of the best ways to create this type of culture. When employees feel committed to the well-being of their workplace and their co-workers, they are naturally incentivized to make positive contributions to their employer’s cybersecurity strategy.
Final thoughts
Technology is integral to any organization’s defense posture in a world full of ever evolving cyberthreats like ours. But that is only the first step. It is also critical to gain buy-in, provide education and training, and create a culture where people feel genuinely passionate about contributing to your defense posture. It is the best way to move toward a more resilient and cybersecure workplace.
Breach Detection: Top Signs Your Business Has Been Hacked
In 2024, cybersecurity has firmly entrenched itself in the public imagination. It seems like barely a week goes by, for example, without a high-profile data breach. Terms like “hacking,” “malware” and even “multi-factor authentication” have become part of our everyday vernacular. Even extensive security training is now routine at many workplaces.
Yet despite this welcome increase in awareness and understanding, it can still be difficult to know exactly when your network has suffered a breach – which can have serious consequences for your business. That’s because the faster you can detect a malicious incident, the faster you can begin remediation, prevent financial or reputational fallout, and get your agency back on track. Let’s explore what potential breaches can look, feel and sound like. We will also examine steps you can take to respond in the unfortunate event of an incident.
What does a breach look like?
One of the biggest warning signs that something is amiss with your business network is simply unusual activity that you can typically see within your technology or security software. While this can sound like vague advice, it really isn’t when you know what to look for, including:
Strange or unrecognized logins.
Odd purchases made through business accounts.
Unauthorized changes to your account settings.
Unfamiliar devices connecting to your systems or network.
Abnormal spikes in data use or activity.
What does a breach feel like?
The warning signs of a breach are not solely visual. You can also be tipped off by how your network feels and the way your software performs. A cyberattack may result in a dramatic slowdown in performance. There is no universal experience, of course, but some of the common performance problems include:
Slow network speeds or crashing applications.
General connectivity problems.
Inefficient CPU or system memory usage.
Poor customer experience.
What does a breach sound like?
When it comes to network breaches, it may feel a bit odd to talk about warning signs that you can hear. While your technology systems aren’t typically going to tip you off this way, your agency’s human stakeholders might. Keep your ears open for feedback from those who interact with your digital assets and infrastructure. Their thoughts, feelings and experiences may prove crucial to discovering a breach and taking corrective action. Some comments that you need to take very seriously are:
Reports of increased phishing attempts or other suspicious emails.
Complaints from customers about using your digital assets.
Increased IT support desk tickets, depending on if you have managed security in place.
Occasionally, albeit rarely, compromised devices can also emit auditory signals that suggest something has gone wrong.
A four-point plan to respond to breaches
If you notice these abnormal activities, don’t brush them off! Instead, take the following four actions to contain the potential damage and reestablish your security perimeter.
First: Secure your compromised accounts, which can involve switching passwords and establishing multi-factor authentication if you don’t have it in place already. You should also disable affected accounts, notify all affected stakeholders, and begin preserving evidence of what has occurred.
Second: Focus next on investigating the malicious activity. Develop an overview of the incident by assessing the “who,” “what,” “when,” and “where” of the network breach. The purpose of this exercise is two-fold: You want to determine the scope of the problem while also determining the root causes so you can ensure it doesn’t happen again.
Third: Build a plan to improve the long-term security of your IT systems and to prevent similar breaches. Conduct a comprehensive review of your vulnerabilities. Implement stronger access controls, encryption protocols and cybersecurity approaches. Finally, update training programs to keep employees apprised of security changes and reinforce security standards across your organization.
Fourth: Don’t forget to adhere to all relevant standards and requirements regarding data breach notification. Then, conduct a review of your compliance obligations to ensure you are taking appropriate due diligence and properly protecting sensitive personal information.
A thrilling yet threatening business era
Seven decades into the information age, more people than ever are aware of both the promise and the perils of using digital systems in both life and work. Yet while cybersecurity awareness has never been more widespread than it is today, some of the common signs and symptoms of a data breach are not that widely known. Learning more about them and keeping your co-workers and team apprised is a great way to sharpen your defenses and respond decisively should the need arise.
