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Cyber Security measures are as important as ever.
Trust is central to client willingness to hand over their personal information such as driver’s licence numbers and credit card information, as the risk of malicious cyber-attacks is a serious matter.
Data breaches are not only detrimental to client personal safety – breaching their personal privacy - but can also drastically reduce their confidence in the business subject to the data breach.
This can hit small Lenders and Brokers very hard. Without adequate protections in place to prevent and deal with data breaches due to malicious attacks, the risk of scammers gaining access to systems containing valuable client information is high. This leaves the door wide open for hackers and fraudsters to open thousands of dollars’ worth of lines of credit under client names, without that clients’ knowledge or consent.
With the minute trail of evidence scammers leave behind, it is also difficult to trace where and when the fraudulent activity has taken place and provides limited visibility as to the extent of damage.
The increase in cyber-attacks has attracted government attention.
Several large companies have been named in the media and this has made headlines around Australia – headlines damaging to the reputations of the businesses.
The powers of the Office of the Australian Information Commissioner (OAIC) were strengthened in 2022 and penalties for serious or repeated privacy breaches were significantly increased.
The OAIC has made clear the expectation that organisations are proactive in protecting against and responding to a range of cyber threats. There are strong incentives for companies to investigate how they can improve the way they handle data, including storage, use and analytics.
It is more important than ever for Lenders and Brokers to create a plan to protect their business from data breaches and security attacks.
While the risk of a data breach cannot be entirely eradicated, a system or technology should protect to an international standard such as the ISO27001 or GDPR, and contain processes and procedures introduced by the business to minimise risk and harm to clients.
Companies that stay ahead of the pack, take the initiative, are proactive in their security measures and protect valuable client information, will be rewarded. Those that lag behind risk having to spend time and effort dealing with data breaches, harsh penalties, a tarnished brand and the loss of confidence of both existing and potential clients.
LEXTECH provides an inhouse IT team dedicated to monitoring and preparing businesses for any cyber security threat with inbuilt audit trails and reporting function.
Common sense driven and an easy-to-use platform, LEXTECH is designed to manage your data securely and control your risk.
LEXTECH keeps communication between the Brokers, Lenders and Borrowers protected and where deemed necessary, strictly encrypted and confidential. LEXTECH is dynamic in the way it offers its cloud-based platform to its clients, catering to every user with features able to be easily introduced or removed as needed.
LEXTECH manages your risk because the system is designed specifically for mortgage settlements using a lens of efficiency and security. LEXTECH is built by a qualified team that specialises in the data protection and cyber industry, alongside the legal industry, to ensure that the risk of data breaches is not only vastly minimised, but provides parties a practical layout that clients can have confidence in.
Compliance with regulations and reducing the risk of costly security breaches ultimately creates a business advantage within a competitive industry.
LEXTECH is proud to use cutting-edge technology to protect client data: the ISO27001 security framework and appropriate certification, means that LEXTECH’s information security management system (ISMS), has a well-rounded plan in place to ensure the protection of all information stored or handled within its advanced cloud-based network.
Under the ISMS, various components of the ISO27001 standard are implemented, monitored and assessed by LEXTECH, including a Multi-Factor Authentication (MFA) login-based system to prevent the spread of data breaches, providing “up to a 99.9 percent protection rate against automated attacks”.
In the current climate of increased data breaches, LEXTECH considers how to protect private information and confidential data, while still being available to those who have rightful authority.
LEXTECH offers the data protection, accountability and prevention required in business processes today, while at the same time being client-centric. LEXTECH believes it goes a long way to supporting businesses to gain and maintain the confidence and trust of existing and potential clients.
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