What Title Agencies Should Know This Cybersecurity Awareness Month
Use this year’s spooky season to assess your strategies and ward off the specter of cybercrime.
For many people, October is associated with ghosts, goblins, tricks and treats. But for those involved in IT, it represents something equally scary: the unpredictable cybersecurity landscape facing businesses today. You see, October is Cybersecurity Awareness Month, and it’s the perfect time for title agencies to reassess their digital defense strategy. Let’s review some top priorities and best practices to ensure your strategy is working as efficiently as possible.
The undeniable importance of cybersecurity in title insurance
Title agencies are no strangers to handling large amounts of sensitive and personal information, as collecting and transmitting data is key to any successful real estate transaction. However, it can be challenging to know which aspect of your security to focus on, especially with so much information out there about threats, breaches, and solutions. Cutting through this noise requires a careful strategy that aligns with your agency’s specific needs, goals, and risks. For title agencies, this means focusing on solutions that protect sensitive client information, prevent wire fraud and ensure compliance. Let’s dive deeper into how you can ensure you achieve each of these priorities.
Investing in data protection
Achieving comprehensive data protection means examining and securing potential attack vectors. Let’s take email as an example. Email is one of the top ways in which cyber criminals exploit a business’s defenses and breach critical systems, especially in the real estate industry. Techniques like multi-factor authentication, encryption, mail filters and domain-based message authentication are all non-negotiable if you want to keep your people and agency safe. But that’s just the tip of the iceberg. One of the main ways that attackers harm businesses is through human error, which means that any technology solutions you implement must also be paired with security awareness training. These programs are invaluable for training team members on how they can spot suspicious or dangerous email activity and take action to keep systems and data safe.
Protect against wire fraud
Easily one of the most well-known cyberthreats to title agencies is the scourge of wire fraud. Fraudsters frequently target transactions by intercepting wire instructions and diverting funds into their accounts, often with devastating consequences for both title agents and consumers. While encrypted communication channels and stringent verification methods — such as multi-factor authentication and verbal confirmations — are critical to combating this threat, comprehensive verification solutions are equally essential. SecureMyTransaction, developed by Alliant National, is one such solution. It helps agents verify transaction participants and performs both bank account and business verifications. By integrating solutions like this alongside educating clients on best practices, you can significantly reduce the risk of human error and safeguard your transactions.
Don’t forget compliance
Closely connected to agency security is the issue of regulatory compliance. Agencies are subject to many industry standards and requirements. You must always be mindful of whether your cybersecurity strategies are in alignment with these obligations. Routine audits of your security practices and activities can provide greater visibility and ensure ongoing compliance, which is essential to avoiding fines. I can’t stress enough how important it is to be proactive rather than reactive with this aspect of your security. Your company’s very reputation hinges on it!
Stay safe during Cybersecurity Awareness Month and beyond
When October comes around each year, there is always a lot to look forward to. The weather is cooler, the air crisper. Jack-o’-lanterns begin showing up on doorsteps. And everywhere leaves are bursting into color. While digging into your cybersecurity strategy may not sound as fun, October’s Cybersecurity Awareness Month is a great moment to stop, reflect and recalibrate for a successful year ahead. By taking a hard look at how your agency is handling data protection, wire fraud and regulatory compliance, you can reduce your risk and move into the final stages of the year with greater confidence in your agency’s security. You may still have ghosts, goblins and even mischievous trick-or-treaters to deal with, but at the very least, you’ll know you’ve taken steps to keep cybercriminals at bay.
