Monthly Archives: August 2013

Title Insurance Issues

White House reports on recommended incentives for adopting cybersecurity framework – Lexology

The White House recently issued a report outlining potential incentives that may be available to companies that adopt the voluntary cybersecurity framework currently being developed by the National Institute of Standards and Technology the “Framework”. Both the incentives program and the Framework are being developed pursuant to the February executive order aimed at improving the cybersecurity of America’s critical infrastructure

via White House reports on recommended incentives for adopting cybersecurity framework – Lexology.

Help Wanted

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Review the title report as presented by the abstractor.  Analyze the report to determine whether it is clear to insure title or whether there are issues to be resolved (i.e. outstanding interest on the chain of title that we need to determine how to convey, determine adequacy of a foreclosure or bankruptcy on the chain of title or look at creditor’s claims on property interest).  Directly work through the resolution of the issues by using independent thinking.  Must meet certain criteria established by Insurance Underwriter.
Title Insurance Issues

Cyber or Data Breach Insurance

Do you have insurance in case the confidential information you keep is breached or in some way hacked?  Here is an article that discusses the need for coverage given the “explosion of access to and transmission of confidential data”  Click Here to read the article.

I asked Greg McDonald of Cloudstar Consulting if he advises his clients to purchase this kind of coverage.  Cloudstar specializes in technology solutions for title companies.  He said “there is a debate over how effective these types of policies are” A couple trends he sees are that this kind of coverage is mostly considered in bigger companies(150 – 300 agents) and they are usually run by boards and not individuals.  What do you think.  Is it time to consider data breach insurance.  Are you confident you have the right procedures in place to prevent cyber attacks?  Will this be part of the Risk Management and Risk Assessment that the CFPB may be asking of title companies?  What do you think?