What is the Cost of Cybercrime?

Did you know that Americans lost at least $12.5 billion to cybercriminals last year? According to the FBI, that’s a 22% annual increase from 2022. Those losses are only expected to rise with technological advancements like the widespread use of Artificial Intelligence (AI) and digital transactions. These alarming statistics underscore the urgent need for heightened cybersecurity measures and awareness, especially in this business.

How can you help keep your company safe?

? Make sure your software providers are up to date. Hackers leverage vulnerabilities in software and applications, making it vital to always run the latest and most secure versions. In addition, update your smartphone and/or tablet as soon as new software updates are released.

? Protect your devices. Make sure that when devices are connected to your company network you are leveraging a firewall to help protect data from hackers. A firewall can help keep hackers from accessing your system by adding another layer of encryption.

? Avoid free email services, if possible. Always use multi-factor authentication especially if you are using a free email service.

? Use a password vault application. Having difficult-to-guess and unique passwords is nearly impossible without a password vault. Consider finding a password vault application and deploy multi-factor authentication on every account that has that option.

? Continually train and educate your employees to be cyber-savvy. Ensure that employees understand they play a crucial role in protecting your company. Educate and train them so they don’t fall into the hands of hackers by clicking on unknown links, turning over their credentials, or downloading “free” software that is most likely malicious.

There are many reasons why title agents choose to do business with Old Republic Title. People often think about the strength and stability our Company is known for, but advanced cybersecurity practices also should be considered when selecting an underwriter.?

Here are some solutions we provide to our agents:

? We partner with CertifID to provide a solution to help mitigate losses from mortgage payoff fraud.

? We offer cyber security training through Agency University.

? We provide educational flyers that are easy to customize and download on ezMarket?.

Want to learn more about how Old Republic Title protects you? Ask your Agency Representative about our cybersecurity resources. We're here to make sure you and your team have everything you need to succeed.