Top 5 Cybersecurity Issues for Title Professionals

Written by Tom Weyant on October 17, 2023. Posted in Uncategorized

Today’s title professionals face ever-increasing cybersecurity threats, all of which can cause major disruption and economic loss. With October being Cybersecurity Awareness Month, now is the perfect time to review the latest trends affecting our industry and understand how to mitigate some of the top challenges.

I.  Wire fraud remains number one

Wire fraud continues to be the number one threat to title agents, their customers and the vitality of their business. According to the latest FBI reports, the average cost per wire fraud incident is nearly $200K, and the total number of incidents recorded this year will likely break records.

Take the following actions to derail some of the most common schemes, including phishing, business email compromise and social engineering:

• Use multi-factor authentication (MFA) for system access.
• Ensure the latest security patches are promptly installed. Read our tips on keeping programs updated consistently.
• Consider upgrading your antivirus protection with endpoint detection and response (EDR), a dynamic tool that leverages AI technology to reinforce your security.

II. Watch out for fraudulent sellers

Seller theft, one of the most significant emerging threats, involves a scheme where the seller’s identity is falsified, leading to a bogus and fraudulent sale. There is no shortage of information online regarding real estate transactions, making it easy for thieves to obtain these details. Here are some of the best strategies for combating these fraudsters:

• Use encryption to protect communications and all identifying information, including emails and data that is “at rest,” that is, data housed physically on a given computer storage device.
• Verify and validate identification through available electronic tools.
• Confirm and reconfirm throughout every step of the transaction. Slow down. Take time to verify.

To reduce fraudulent transactions and lower premiums, Alliant National has initiated a crime watch program, which incentivizes policy-issuing agents to detect and prevent illicit activity. Learn more about the program and get involved.

III. Privacy remains the focus

Ten states have now enacted comprehensive privacy laws. Six have passed laws this year alone, with Texas being just the latest to do so. All 50 states now have data breach reporting laws. Many statutes impose a significant daily fine for late notice or a private right of action for failure to comply and negligence.

What all these legislative moves imply is that privacy and sensitive data protection remains at the forefront of our industry. Title leaders must ask themselves if they are staying current on the latest technologies and techniques to guarantee end-to-end data protection, including:

• Developing a written security plan and devoting the necessary time and resources to ensure employees are trained sufficiently. maintaining complete records is important as well.
• Encrypting sensitive and non-public information, which is essential to protect against unauthorized access and breaches.
• Knowing and abiding by your state-specific breach reporting requirements.

IV. Practice secured electronic document storage

Title agencies routinely deal with electronic documents that contain large quantities of sensitive information and which represent a highly attractive target for today’s criminals. In fact, according to recent research, “88% of organizations worldwide were experiencing spear-phishing attempts in 2019. And 68% of business leaders felt their cybersecurity risks were drastically increasing.”[i]

Here are some principles to help keep these bad actors at bay:

• Ensure you are applying encryption to protect digitally stored documents.
• Perform periodic backup and recovery tests to ensure the availability and integrity of stored records.
• Maintain and test disaster recovery and business continuity plans.

V. Adhere to all regulations

Regulatory compliance requirements have increased and will continue to evolve to address shifting cybersecurity and consumer privacy issues. Stay abreast of some of the most pressing changes to the landscape:

• The current patchwork of complex state privacy and data breach laws is expected to continue growing without any expected federal legislation.
• The Gramm-Leach-Bliley Act (GLBA) has been updated for the first time since the early-aughts to address data security and privacy. Modifications to the law’s security safeguard rules are going into effect in June 2023 and will be enforced by the Federal Trade Commission.
• The National Association of Insurance Commissioners (NAIC) has released a draft of proposed 2023 privacy protection requirements modeled after the California Consumer Privacy Act (CCPA) and the New York State Department of Financial Services (NYDFS).

Taking action can keep you safe

Wire fraud. Seller falsification. Regulatory compliance. It seems like every day there is a new thing for the busy title agent to worry about. Staying apprised of the latest news and best practices, however, can help, as can seeking out the expertise of an experienced technology provider. Taking these steps, along with carrying comprehensive insurance for cybercrime and liability, can reinforce your security posture for maximum protection.

For more tips on building a safe and secure title operation, check out our other blogs focusing on IT.

[i] 2020 State of the Phish: An in-depth look at user awareness, vulnerability and resilience (proofpoint.com)

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Ensuring Your Home Stays Cyber-Secure

Written by Bryan Johnson on October 15, 2020. Posted in IT Tips

Your home can still be your castle – even in the digital age

Home cybersecurity used to be fairly straightforward, but these days the situation has changed. With the internet playing an increasingly dominant role in how we live and work, you should take a moment to examine whether your personal Wi-Fi network is truly secure. Here are a few easy tips and tricks for how you can best protect yourself and your home in the digital age.

Your wireless network

Consisting of a modem and a router, wireless network devices are responsible for bringing the internet into your home and directing it to all your internet-compatible devices.

You need to change the default administrative password within the router to establish control over the configuration of your home system. Be sure to use a password that is difficult to guess. Try using a random series of words that are easy for you to remember. Employ numbers if possible and capital letters for extra security. At the end of the day, you want to protect yourself by making sure that only devices you know and trust have access to your Wi-Fi network.

For extra security and peace of mind, you can even consider installing a guest network. That way, you can let visitors connect their devices but avoid opening yourself up to potential security problems.

Passwords

To have confidence in your cyber security, you will want to take a hard look at the strength of all your passwords – from your wireless network to the passwords you use for each device and application.

You should try to use a different password for each device and account. This can be a daunting prospect, as it is now common to have dozens of accounts that require a password. Use a password manager tool if you are having difficulties. There are a variety of different services out there, and you can easily compare features and prices online.

Finally, don’t forget about enabling two-step verification wherever possible. Two-step verification is where two authentication steps are performed sequentially to verify whether an attempted login is legitimate. Often, this process involves a login through an online account and then the entry of a numerical code that is either emailed or texted to the account holder.

Devices    

It’s wise to become familiar with all of the devices you foresee needing to connect to your wireless network. While in the past this largely consisted of a couple of personal computers, it now could include everything from smartphones and television sets to printers, refrigerators and cars. Educate yourself not only on each device’s make and model, but also its IP address. You’ll also want to save yourself some headaches by enabling each device to download and install automatic security updates. 

Regular Backups

Unfortunately, no matter how cautious you are, you may still have a security lapse someday. You should have a contingency plan in place and regularly archive your important files and programs.

There are many different strategies you can take to make this easier. You can store your data on the Cloud with end-to-end encryption. You could save it to an external hard drive. Or you could even go the untraditional route of burning your data to a CD. Whatever you decide, you will want to make sure that you can reliably restore your data following a security breach. The good news is that many mobile devices already support automatic data backups, and there are numerous software options out there that are cost effective and relatively easy to use.

Final Thoughts Creating a cyber-secure home network can feel like a challenge. But the benefits of doing so far outweigh the costs. By adhering to these steps, you will be able to create an online experience that is fun and efficient but that does not skimp on security.

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