In the last few years there have been several large-scale data thefts reported in the news. Larger banks have been targeted, and it’s only a matter of time before commercial lender, in general, are commonly victimized—if they aren’t careful.
The internet is a fantastic and wondrous creation that has allowed so many information to become available to us simply by running a search for it. It allows us to stay in touch with long lost friends on the other side of the world. We can watch movies, play games, research a paper for school—the possibilities are endless.
It has also opened up a whole new path for people to be victimized when a cyber-criminal steals their identity. Stories of major corporations experiencing data breaches have become more common in recent years, and have seen millions of people be affected.
It is only a matter of time before smaller operations and commercial lenders are targeted. The type of data they collect would be right up a cybercriminal’s alley.
Cyber-criminals are all about stealing data whether it’s for identity theft or anything else. Larger corporations may be more appealing to criminals now due to the potential volume of data that could be stolen, but even small-balance commercial lenders should be worried.
Loan applications have all sorts of personal information on them; likely all an identity theft would need. They may not be getting targeted a lot right now. But as top corporations improve their security, the smaller volume of data at the lesser protected commercial lenders becomes more appealing.
Anyone that isn’t taking the threat seriously is just being foolish.
When it comes to cyber security, it is imperative for commercial lender regardless of size to be proactive about it. Don’t just wait till one of your clients or affiliates is attacked to improve your security—do it now. You would much rather stop an attack before it comes rather than react to one after it comes.
What can/should you do? Educate yourself and your staff as much as you can. Make sure they know what the latest threats are and how to recognize them. Be sure and have a well-thought-out policy on appropriate internet use at work to minimize exposure to questionable sites.
If you really want to make sure you are as protected as you can be, if there are customers, partners, or affiliates that have access to your network, make sure you are aware of what kind of security they have. If their security is lax, you may want to consider limiting their access until they carry out the necessary improvements to their cyber security.
If they don’t want to improve their cyber security to a level you are comfortable with, you may want to consider how important it is to you. The chance your security will be breached is not high, but if it is it could mean the end of your business and cost you a lot of money.
Dennis Dahlberg Broker/RI/CEO/MLO
Level 4 Funding LLC Private Hard Money Lender
Arizona Tel: (623) 582-4444
Texas Tel: (512) 516-1177
Dennis@level4funding.com NMLS 1057378 | AZMB 0923961 | MLO 1057378
22601 N 19th Ave Suite 112 | Phoenix | AZ | 85027
111 Congress Ave |Austin | Texas | 78701
About the Author: Dennis has been working in the real estate industry in some capacity for the last 40 years. He purchased his first property when he was just 18 years old. He quickly learned about the amazing investment opportunities provided by trust deed investing and hard money loans. His desire to help others make money in real estate investing led him to specialize in alternative funding for real estate investors who may have trouble getting a traditional bank loan. Dennis is passionate about alternative funding sources and sharing his knowledge with others to help make their dreams come true. Dennis has been married to his wonderful wife for 42 years. They have 2 beautiful daughters 5 amazing grandchildren. Dennis has been an Arizona resident for the past 40 years.