Watch out - there's a data thief about

25 January 2010

With new threats to security body scanners are being introduced in UK airports to tackle terrorism. Some believe it’s a step too far but if the technology is there I think we should use it.

The same is true in the mortgage industry. In the wake of the T-Mobile theft data security has become many lenders’ primary focus during the past six months.

Data security sounds like an easy nut to crack. Information must be kept confidential and free from interference. Simple. Not quite. It is more difficult when you consider where threats to data come from.

Data is susceptible to internal and external attacks and it’s important to be prepared for all possibilities.

Advanced encryption software ensures data can’t be stolen just by beating a username and password. Configurable internet protocol restrictions limit data access to approved systems. In other words, even if you cracked the cipher, you couldn’t get your hands on the data.

To maintain data integrity any changes made by authorised users must be logged. Historical information can then be compared to current data. By evaluating up-to-date applications against a background of transactions, trends or discrepancies can be highlighted for further investigation.

No one in the mortgage industry can afford not to take data security seriously. Reprisals threatened by the government aren’t enough. It’s up to lenders to make sure data security measures are maximised. Quality data is the lifeblood of all lenders.

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