In an age where data security is paramount, the recent case of Ascension Data & Analytics and its failure to safeguard consumer data highlights a critical vulnerability that many mortgage companies and financial institutions overlook: the security of their third-party vendors. The Federal Trade Commission (“FTC”) took action against the Texas-based mortgage analytics firm after allegations surfaced that the company had failed to ensure that one of its vendors was properly securing sensitive consumer data. This case offers valuable lessons for all mortgage industry professionals about the importance of comprehensive vendor oversight and robust data security protocols.
Why Vendor Oversight is Essential for Protecting Consumer Data
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