The Importance of Cybersecurity in Risk Management

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago December 6, 2019 3,106 Views Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. Tagged with: Cybersecurity Technology Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Importance of Cybersecurity in Risk Management Servicers Navigate the Post-Pandemic World 2 days ago This week, Safeguard Properties hosted a webinar to discuss the challenges facing cybersecurity in 2019. Security, Safeguard notes, should be one of the primary focuses when implementing and developing systems and applications.Cybersecurity remains a top concern at a majority of lending institutions, according to the 2019 Regulatory & Risk Management Indicator released by Wolters Kluwer, and 78% of lenders reported it as a top risk that will receive “escalated priority” in the next year. While cybersecurity outranks all other risks in the survey, the level is down from 81% last year.During Safeguard’s webinar, Steve Roesing President and CEO of ASMGi, 2019 stated that the majority of data breaches from malicious attacks, with 69% of data breaches stemming from outside sources, as 51% of breaches are caused by malicious or criminal attacks.Meanwhile, just 24% of breaches are caused by human error, while another 25% are caused by system glitches.“It’s almost a 50-50 split,” said Roesing.Malware attacks made up 34.4% of attacks in 2019, the largest share of any other attack type. Meanwhile, account hijacking made up 18.2% of attacks. Among financial services institutions, there were 927 reported incidents, 207 of which included confirmed data disclosure. We applications, privilege misuse, and other miscellaneous errors made up 72% of breaches.Most malicious breaches, 88%, were reportedly done for financial reasons, while espionage made up another 10%.Cybersecurity, Safeguard notes, requires a “holistic approach,” involving both policy and systematic controls at all levels.Some of the trends noted in the webinar included the changing landscape of “phishing,” the increased use of mobile technology for attacks, and increased investments in cybersecurity. Going into 2020, Safeguard expects to see increased spending and a growing impact from AI and machine learning (ML) on cybersecurity. Previous: GSEs Move Closer to Public Offering Next: Mortgage Servicing: Keeping Up With the Consumer Servicers Navigate the Post-Pandemic World 2 days ago Share Save Related Articles The Best Markets For Residential Property Investors 2 days agocenter_img Home / Daily Dose / The Importance of Cybersecurity in Risk Management Cybersecurity Technology 2019-12-06 Seth Welborn Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago in Daily Dose, Featured, News, Technology Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Seth Welborn  Print This Post Subscribelast_img


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