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It's Vital to Maintain Robust Security Informed Fitch Ratings to Servicers

Large amount of data and money passes through the mortgage finance industry which makes it extremely susceptible to attacks from hackers. The industry has already started to witness increasing number of cyber threats.

In a recent report published by Fitch Ratings, the company stressed the importance of  having a robust IT security framework for loan servicers due to the recent global ransomware attacks. It added that the WannaCry ransomware attacks were only the beginning. While finding the WannaCry ransomware, a new attack linked to WannaCry called Adylkuzz was found by the researchers. Unlike WannaCry, which froze computers and wreaked havoc worldwide, Adylkuzz is a cryptocurrency mining malware that takes over a machine and slows down computers and servers to use them to mine cryptocurrencies, like bitcoin and monero, according to Proofpoint and Yahoo News.

Since servicers rely on technology, the robustness of IT security, disaster recovery, and business resumption plans are vital part of Fitch's servicer assessments. Fitch considers regular security threat testing to be best practice. After the latest ransomware attacks, Fitch contacted its entire network of loan servicers and confirmed their operations have not been affected. Some servicers also indicated that they took additional security steps in response to the attacks.

News Characteristics

Date : May 18, 2017
Region : North America
Industry : Mortgage Companies
Function : Data Management
Sub-Function : Data Security