FLTA Recommended Cyber Security Best Practices
S. T. O. P.
Purpose: Cyber fraud and crime have become prevalent in the real estate market and title underwriters, agents and their customers are being victimized daily. Cyber criminals are generally targeting escrow funds and data held by the Company. There is no “one size fits all” approach to cyber security. The Company’s approach to combatting cyber fraud and crime should be appropriate to the Company’s size and complexity and the nature and scope of the Company’s business and activities. However, regardless of the Company’s size and complexity, it is important to take cyber threats seriously, create a multi-layered and enterprise-wide approach, and continually review with, train, and test employees, systems, and processes.
The suggestions below represent principles and applications for consideration when creating a cyber security plan – it all starts with: Setup, Train, Obtain and Plan – in essence, the word: STOP.
S – Set up appropriate processes and controls to protect the Company and Consumers from Cyber Fraud
T- Train and Educate Staff, Clients and Consumers
O- Obtain and maintain appropriate insurance and cyber coverage.
P – Plan for the worst. Establish written plans to anticipate and promptly respond to cyber-related incidents.