lender's most concerned about data security

The data security problem

The reputational risk road leads us straight to the issue of data and site security, which Reed labeled as the issue she is most worried about at the title level. Any sort of data breach involving a lender’s funds or customer information will be an incredible strike to reputation, even though it would have been a third-party’s negligence that caused it.

“If you’re [the title agent] working 1,000 closings and seven of them are ours, and if your office is broken into and that data ends up in someone’s hands, the headline will say ‘Wells Fargo’s data stolen,’ so we are cautious about that,” Reed said.

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