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Looking inside a security assessment
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Industry News, Regulatory Updates
Friday, February 28, 2014
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Several high-profile data breaches that occurred in the last year have highlighted the importance of data security to consumers and regulators in a variety of areas. The importance of data protection to lenders has been highlighted in the last few years by several moves by their regulators — the Office of the Comptroller of the Currency, the Consumer Financial Protection Bureau and the Federal Trade Commission.
These safeguard requirements are trickling down to the settlement services industry and it’s important to be prepared for new lender expectations when they come down the pike.
During a recent October Research LLC webinar, "Data Security Compliance: Taking the Fear Out of Implementation," Christopher Gulotta, founder and chief executive officer of Real Estate Data Shield, led a discussion with Matthew Froning, chief information officer, Security Compliance Associates; Richard Purcell, chief executive officer, Corporate Privacy Group; and Paul Schwartz, professor, Berkeley Law School and director, Berkeley Center for Law and Technology to discuss things agents can do now to protect consumer data, as well as what to expect from a data security assessment.
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