SI Press Release - Data Security and Privacy - November, 2017

FOR IMMEDIATE RELEASE

Secure Insight Surveys Title and Settlement Offices on Data Security Controls

Industry Professionals Taking Significant Steps to Prevent Wire Fraud and Email Scams

Parsippany NJ, November 28, 2017 – Secure Insight, the mortgage industry’s first ever data intelligence analysis and reporting firm focused on managing closing table risk announced today the results of their latest title and settlement industry survey.

 

In a recent survey conducted of settlement professionals and mortgage industry executives nationwide regarding their knowledge of data security requirements and internal control procedures, the responses were informative.

 

In response to the question “Are you familiar with federal and state laws regarding your handling on non-public consumer personal and financial data?” the following results can be reported:

 

  • 99% of title and settlement firms responding answered YES.
  • 1% responded NO.

 

In response to the question “Have you attended or participated in any industry data privacy and security education and training in the previous 12 months” the following results can be reported:

 

  • 84% of title and settlement firms responding answered YES.
  • 16% responded NO.

 

In response to the question “Do you currently have written consumer data privacy and security policies in place for your business and employees?” the following results can be reported:

 

  • 96% of title and settlement firms responding answered YES.
  • 14% responded NO.

 

In response to the question “Have you experienced or witnessed any data security breaches (email scams, wire fraud schemes, identity theft) in connection with any closing transactions you have handled in the previous 12 months?” the following results can be reported:

           

  • 32% of title and settlement firms responding answered YES.
  • 65% responded NO.
  • 3% declined to answer.

In response to the question “Have you made any changes to your office procedures so that wire instruction communications with lenders. Attorneys and realtors are conducted securely?” the following results can be reported:

           

  • 94% of title and settlement firms responding answered YES.
  • 6% responded NO.

 

In response to the question “Have you adopted policies to require the verbal verification of wire instructions prior to closing?” the following results can be reported:

           

  • 92% of title and settlement firms responding answered YES.
  • 8% responded NO.

 

Finally, in response to the question “Do you presently carry cyber-liability insurance coverage?” the following results can be reported:

           

  • 57% of title and settlement firms responding answered YES.
  • 43% responded NO.

 

The survey was conducted November 10-November 27, 2017 and sent to 350 title and settlement firms nationwide and a total of 227 firm’s responses were calculated on November 28, 2017. Percentages were rounded to the nearest whole number for reporting convenience. This survey is one of a continuing series of industry polls conducted by Secure Insight over the past few years to gain the pulse of the industry on issues important to the settlement profession and mortgage industry generally.

 

For more details on this survey and results, please contact Secure Insight directly.

 

About Secure Insight

 

Secure Insight was founded as Secure Settlements Inc. in 2009 as the first company to offer a standardized risk evaluation and management process to protect consumers and lenders form closing agent fraud and to meet federal regulatory requirements. Today it offers solutions for the vetting of all third party service providers in the mortgage industry through tools such as Closing Guard™, VendorCheck™ and QuickCheck™.

 

Secure Insight monitors over 50,000 title companies, settlement agents, real estate law firms and other professionals nationwide through its proprietary technology and the mortgage industry’s only risk rated, live database. The database is accessed daily as a fraud prevention tool by state and federal banks, mortgage lenders and credit unions throughout the United States.

 

For more information about Secure Insight please visit www.secureinsight.com.

 

###

 

Media Contact Information:

Email: mediarelations@secureinsight.com

Toll Free: 1-(888) 758-7878

Promote to front page slideshow
Off