PaperClip Incorporated

The Bridges Blog

Since 1995, Mike has served as President, Vice President of Marketing & Sales, Director of Professional Services,and Consultant for PaperClip Incorporated. In his current role, he is responsible for strategic direction,operations, and corporate communications. Prior to joining PaperClip Software, Mike was the Executive Vice President and co-founder of CMF Design System, a custom software and systems integration firm. Mike received a Bachelor of Science from Rowan University and served as a Captain in the United States Marine Corps.

Imaging remains the most dominate electronic format for eliminating paper. Paper cost $1.30 per page cradle to grave. Paper scanned to image cost ~ $0.30 per page. By scanning paper as soon as you can, will save a dollar per page.

In my last column I talked about how apathy enables cyber crimes. Cyber crimes are now larger than all property crimes combined. Unfortunately this apathy leads most lenders and service providers in the mortgage industry to still believe that cyber crime might hit Target and other well know retailers but not the mortgage industry. Well, I hope these recent events may change your thinking. 

Our story focuses on a Financial Services (Mortgage, Securities, Insurance) Company with 25 employees.  What this Company does in the supply chain is irrelevant; the fact remains the same, they manage non-public information (NPI) as a third party.  The Company is required by law, regulations or rule to protect third party NPI and log who had access to it.  The Company has the potential to do business with 200 trading partners as they conduct their business.  Now let’s see their secure email options and what they really cost.

I see Cyber crime with the potential to shut down business on the internet in the next 5 years.  I say this for its shock value, or maybe not, follow me.  The world economy runs on the internet.  Cyber crime is now larger than all the property crimes combined.  Leading the charge is Identity Thief, the ability to collect enough personal information (i.e. SSN, DOB, Acct #, Names, Addresses, etc.) enables the thief to assume or create a new identity.  Their instrument is then some scam, something as simple as check & credit card fraud or more high value crimes like mortgage modifications, death benefit claims, vacant home rental hijacking and more.  Mortgage Lenders, Insurance Companies and Securities Dealer process consumer information across the internet every day.  The ability to capture this NPI without your knowledge is routine in the right hands.  The apathy within our business and government communities on cyber security is astounding.  I can kill you with statistics but my firsthand knowledge working with hundreds of companies leads me to this; a vast majority does not practice cyber security even when they have the tools available to do so.