Cybersecurity For U.S. and Canadian Servicers Takes Center Stage As Hackers Evolve
The success of any cybersecurity program will be dictated by the organization’s ability to implement and maintain a high level of protection.
Adobe Stock image by Michael Traitov
NEW YORK — Over the last several years, cybersecurity, a crucial component in any operation, has taken on an increasingly visible role due to numerous high-profile data breaches impacting various industries.
As malware becomes more complex and hackers make use of artificial intelligence, servicers could face significant challenges staying one step ahead of malicious actors. Servicers’ inaction or missteps could have financial, regulatory, and customer-related consequences.
The success of any cybersecurity program will be dictated by the organization’s ability to implement and maintain a high level of protection. During S&P Global Ratings’ servicer evaluation review process, we ask the company to describe its overall cyber security program and focus on many related topics.
For more details on how the company assesses cybersecurity, see “The Importance Of Cyber Security For U.S. And Canadian Servicers In A Challenging Environment.”
Why Cybersecurity is Becoming Increasingly Important
S&P believes “sustained investments in cybersecurity will be crucial for any business entity, especially servicers, as they will continue to experience ever-evolving threats requiring additional expertise, capital, and technology to stay ahead of the curve,” according to the announcement.
“Despite servicers’ significant expenditure on cybersecurity staff and systems to support their programs, these preventative measures are only effective if the program is successfully implemented and maintained,” the announcement says.
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