The country’s current labor shortage is inspiring many companies to focus on employee retention, higher levels of engagement, and automation. Worker turnover is also causing title companies to experience cyber risk and other operational issues.
The media has been heavily reporting about the Great Resignation and how many companies struggle to fill positions. The country’s labor issues are creating significant problems for the title insurance industry, and as the baby boomers retire, this issue is bound to grow.
Economic and Working Troubles
When title company leadership discusses labor issues, they usually focus on essential things like retaining their current workforce or ways to automate basic tasks. However, there are other significant threats that leaders aren’t talking about as much, which are the Great Resignation’s cyber security risk and avoidable expenses.
Experienced cybercriminals know how to target the forgotten passwords and VPN Wi-Fi connections of previous employees who worked for the company at home. When employees leave a company, they may cause a title company to experience economic and working troubles due to phantom licensing, unused software as a Service (SaaS) application account, and untracked portals. These issues occur when many title companies are working to offset margin compression.
To resolve a Great Resignation’s cyber security risk, a title company should prepare before they happen using oversight and additional training techniques. Before a title company can develop an effective strategy, it must understand the ins and outs of these threats.
Data Exfiltration Dangers
Regardless of why they are leaving, the departure of trained workers from the title industry comes with unique threats. Currently, the title industry and those who own businesses are focused on the dangers of the Great Resignation’s cyber security risk. However, another major threat is under the radar, which is the insider threat.
Insider threat occurs from existing or former employees committing data exfiltration. In too many cases, workers who have access to sensitive information, non-public data, business information, and passwords may continue to view this information for days or even weeks after leaving the company.
If a worker leaves on a sour note, that person may review and bring client contact information or sensitive data to a different title firm.
An Easy Solution
While the problem of exfiltration is common, resolving it is easy. It’s important for employers to develop a proactive and detailed policy for off-board workers. Management should ensure that passwords are canceled, and that program access is blocked before workers leave the building on their last day. It’s incredible what an angry ex-employee can accomplish in a short time when they have access to sensitive information.
Oversight and Supervision
When it comes to threats due to workers leaving, another problem comes from oversight and supervision. Too many title companies fail to properly track the ins and outs of how they operate. These companies experience operational chaos, especially at the end of the month. It’s common for employees to use workarounds to resolve issues that may prevent a closing. This means that workers may have different methods for accessing info.
Preventing the Great Resignation’s cyber security risk requires title companies to develop a detailed cross-training program. Comprehensive oversight begins with focused management and extensive training.
Title companies must also protect their data systems from popular online portals and third-party services. If you use Salesforce, QuickBooks Online, or Adobe Suite, you’ll want to take additional safeguards due to the Great Resignation’s cyber security risk.
Establish a Detailed Exit Plan
Because of the Great Resignation’s cyber security risk, title companies need to establish a detailed exit strategy. Make sure that you have a clear-cut plan to secure your company’s cyber defenses. These steps will help you protect your company and allow you to develop a notable competitive advantage.