Cyber security is a pressing concern for every business, including UK mortgage brokers. Handling sensitive client data and conducting financial transactions means brokers are particularly vulnerable to cyber threats. With the rising risks of data breaches, malware, and phishing attacks ensuring your business is secure should be a top priority.
This article offers practical, actionable advice aligned with the National Cyber Security Centre’s (NCSC) guidance, specifically tailored for mortgage brokers. By following these recommendations, brokers can safeguard both their business operations and client information from cyber risks. For further details, brokers can also access the NCSC’s Small Business Guide, a comprehensive resource for cyber security.
The NCSC, operating under Government Communications Headquarters (GCHQ) is the UK’s authority on cyber security. Their primary aim is to help protect businesses and individuals from cyber threats. For small businesses like mortgage brokerages, the NCSC provides free, easy-to-implement guidance designed to fortify defences against common cyber risks.
Mortgage brokers should also be aware of additional security standards provided by the Information Commissioner’s Office (ICO), particularly for GDPR compliance, and the Financial Conduct Authority (FCA), which offers guidelines on industry-specific security practices. These resources together ensure that brokers stay compliant while keeping their business and clients secure.
For mortgage brokers, regularly backing up data is critical. Brokers handle vast amounts of sensitive client information, from personal details to financial transactions. Any data loss, whether through cyberattacks or technical failures can severely impact business operations and client trust.
The NCSC recommends several reliable backup methods. Cloud services, for instance, offer automatic backups and can restore data quickly in case of an emergency. Alternatively, using external hard drives is another effective method, provided they are securely stored.
To ensure consistency, consider automating your backup process, reducing the risk of human error. Regular data backups are not just good practice – they are an essential part of a broker’s cyber security strategy.
With many brokers working remotely or in hybrid environments, securing mobile devices like smartphones and tablets is essential. Mobile devices often store or access sensitive client information, making them prime targets for cyberattacks if left unsecured.
To protect these devices, brokers should follow the NCSC’s recommendations: always use strong, unique passwords and enable biometric authentication where possible. Encryption is another layer of protection, ensuring data remains secure even if the device is lost or stolen. Regular software updates are also critical, as they patch security vulnerabilities that hackers could exploit.
Ensuring that mobile devices are secure is especially important for brokers who frequently handle client data outside of the office. By taking these simple steps, you can significantly reduce the risk of a breach.
Malware, such as ransomware, poses a serious threat to mortgage brokers, particularly because it often targets financial data. A malware attack can disrupt business operations, lock you out of vital systems, or compromise sensitive client information.
The NCSC advises keeping operating systems and software up to date, as outdated systems are more vulnerable to malware attacks. Installing trusted antivirus software and setting it to update automatically can help catch malicious files before they cause damage. Brokers should also invest in regular cyber security training for staff, teaching them how to identify and avoid suspicious downloads or links.
Training your team is crucial – a single accidental download can have serious consequences for your entire business.
best practice 4 - mitigating phishing attacks
Phishing attacks are one of the most common threats brokers face, as cybercriminals attempt to steal sensitive data through fake emails, texts or phone calls. Mortgage brokers, handling client information and financial transactions are especially attractive targets.
Phishing emails may appear legitimate, but with training and vigilance, you can learn to spot the warning signs. The NCSC recommends checking the sender’s email address carefully, avoiding suspicious links, and verifying any requests for sensitive information directly with the sender. Brokers should also train their staff to report any suspicious messages to their IT or cyber security team immediately.
Phishing prevention is not just about awareness – it requires continuous training and readiness to respond swiftly to potential attacks.
best practice 5 - using strong passwords and two-factor authentication to protect your data
Passwords are often the first line of defence against cyberattacks. Weak or predictable passwords put sensitive client data and financial systems at risk. For brokers, creating strong, unique passwords and implementing two-factor authentication (2FA) is essential.
The NCSC recommends using a password manager to generate and store complex passwords. Avoid reusing the same passwords across multiple accounts and ensure passwords include a combination of letters, numbers, and symbols. Two-factor authentication provides an extra layer of security, requiring a second form of identification beyond just a password.
By ensuring all staff use strong passwords and 2FA, brokers can significantly reduce the risk of data breaches.
considering cyber security
Cyber security is not an optional extra – it’s an essential part of running a successful business. From backing up data to training staff on phishing attacks, these best practices can help mortgage brokers protect their business from cyber threats.
To further strengthen your brokerage’s resilience, consider downloading our business plan template. Cyber security should be an integral part of your business plan, factored into key areas like your PESTLE and SWOT analysis. By taking proactive steps to safeguard your business, you can ensure the long-term security of both your operations and your clients.
Read more: How secure are you and your clients against financial crime
Read more: Managing remote working securely
Read more: Five ways to build a more resilient business
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