Press Release


Title: MBA’s White Paper Outlines Key Components for Information Security Programs
Source:   MBA
Date: 6/18/2008

Washington, D.C. (June 18, 2008) - The Mortgage Bankers Association's (MBA) Residential Technology Steering Committee (RESTECH) today released a white paper that addresses basic security components which should be present in any financial services related information security program.  The paper outlines common risks and mitigation approaches, specifically for small to mid-sized lenders, to help them secure sensitive and confidential customer information while adhering to an ever-increasing number of related statutes and regulations.  

"As industry information security continues to develop rapidly, MBA feels it is critical to define a minimum set of objectives that small and mid-sized organizations can meet in order to execute an effective information security program,” said Robert E. Story, Jr., CMB, MBA's Vice Chair and Chairman of MBA's Board of Directors Technology Steering Committee (BODTECH).  “This concise and business-oriented approach will help organizations with limited resources achieve successful information security practices.”

As concern about protection of personal information escalates, and the statutory and regulatory compliance landscape becomes more complex, the demand on an organization’s information security program also intensifies. At the same time, the number of threats and the difficulty of addressing them are increasing as well. While information security does not generate revenue, the costs associated with liability, reputation, and compliance failures obligate senior managers to pay attention.

While most large corporations have the necessary fiscal and human resources to comply with the growing number of regulatory requirements, small and mid-sized organizations have fewer resources.

This paper identifies eight major components of an information security program:

• Acceptable Use Policy
• User Access Controls
• Physical Security
• Personnel Security
• Business Continuity Planning
• Compliance
• Third-party Provider Management
• Technology Security

To obtain a copy of the MBA RESTECH white paper, please click http://www.mortgagebankers.org/files/Technology/ResTechBasicSecurityWhitePaper.pdf

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The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry, an industry that employs more than 280,000 people in virtually every community in the country. Headquartered in Washington, D.C., the association works to ensure the continued strength of the nation's residential and commercial real estate markets; to expand homeownership and extend access to affordable housing to all Americans. MBA promotes fair and ethical lending practices and fosters professional excellence among real estate finance employees through a wide range of educational programs and a variety of publications. Its membership of over 2,200 companies includes all elements of real estate finance: mortgage companies, mortgage brokers, commercial banks, thrifts, Wall Street conduits, life insurance companies and others in the mortgage lending field. For additional information, visit MBA's Web site:   www.mba.org.