Don’t Mortgage Your Future
The financial industry is one of the cornerstones of society, facilitating homeownership for millions of Americans. It is also one of the most seductive targets for opportunistic cybercriminals.
The Threat: Client Communications
Every year around $1.5 trillion worth of new mortgages are issued in the United States. Each of these new mortgages requires reams of sensitive personal data to be passed between lenders, lendees, and supporting third-parties. This is a risky and complex operation that leaves sensitive information exposed as it passes through unsecured channels.
Cyberattacks against lenders are on the upswing as opportunistic cybercriminals look to cash in on one-stop-shops for senstive PII. The consequences of an attack can be devastating to any business, but are especially acute in industries where trust is a key component of doing business. If a client is unsure of a lender’s security practices, they’ll simply move on. Loss of client trust and business is not the only concern. New regulations in New York, California, and Massachusetts make the exposure of client information a crime punishable by a fine. The fines are for each instance of exposed individual customer information, meaning a data breach could easily result in millions of dollars in fines. As the tempo of new legislation on the matter increases, businesses can expect a more dense regulatory framework, with greater penalties for breaches.
Emerging smart systems and changing business practices means that data management and routing will be key issues for mortgage lenders. Regulated lender-client communications are increasingly being done on mobile devices, complicating data governance and compliance. Firms are struggling to keep track of where their data is going and who sees it. Moreover, emerging technologies, particularly smart contracts, add additional routing challenges as data is being passed to several parties with special access controls needed for each. This requires a high-level of network interoperability that does not exist at the moment.
XQ’s Solution
XQ is helping mortgage lenders stay secure and organized as they transition to the future of smart digital infrastructure. XQ provides an advanced ephemeral encryption product that meets compliance guidelines to verify identity and track messages. We’ve developed a cross-platform edge encryption system that works across all of the most commonly used messaging platforms and does not conflict with existing security systems. The same system brings you verifiable compliance functions for data management and routing solutions for smart infrastructure.
XQ has developed a cybersecurity solution that is designed to combat the privacy issues of today and the emerging threats tomorrow. Our system is the most secure, transparent, and easiest to use encryption system on the market. XQ is the first mobile data protection solution to be built around Zero Trust architecture. With Zero Trust, users don’t need to trust the system. XQ never handles your data, only policy-based key distribution. With our API platform and SDKs, you have the option of key control with direct integration into your AWS or Azure server.
Our ephemeral encryption software embeds directly into the messaging platforms, providing quantum-safe encryption. With XQ, your messages and files sent through Gmail, Outlook, iOS, Android, and Slack can all be encrypted. Messages sent across these platforms will remain encrypted, ensuring the utmost security.
XQ’s SMART system is tailored to the needs of mortgage lenders, allowing firms to seamlessly navigate the complexities of data management and routing. XQ’s verifiable compliance features allow you to easily manage your data, giving you geolocations of where data ends up, who sees it, and the ability to revoke it. Our advanced routing system also gives you complete control over where your data goes and who sees it. XQ’s is interoperable and scalable, easily bridging the gap from existing to emerging data infrastructure. We’ll be your trusted partner as your firm grows and grapples with the new realities of smart data management.
Financial Use Cases
XQ can help financial institutions communicate with their clients
Regulated Client Communications
When you’re outside the office, how do you securely communicate with clients?
Until now, the answer was that you couldn’t. With XQ’s secure mobile cross-platform tools, you can take regulated conversations anywhere. You and your clients can have peace of mind knowing that all your conversations will remain secure, even during those spur of the moment checkups like when you are at your kid’s soccer game on the weekend.
Secure Contracts
Applying for a mortgage requires handing over all of your most sensitive information and then circulating it to banks, title insurers, and other third parties. People are increasingly wary of handing over any personally identifiable information, let alone sending it through unsecured channels. How can lenders secure their customer’s data in a cheap and efficient manner?
XQ’s email and messaging apps are free for your clients so they can easily encrypt their data and send it to you on their own devices and in their own email accounts before it gets to you. This peace of mind will only help you to build trust with your customers.
At XQ, we’ve made it possible for lenders to encrypt all of their outbound contracts. Our API and SDKs operate server-side to build ephemeral encryption directly into your organization. Once XQ’s API and SDKs are implemented in your AWS or Azure server, all of your organization’s contracts and documents that are sent to clients, vendors, and third-parties will be automatically encrypted.
Email Tracking
Waiting for a client to respond to an email is a worrisome process. Did they get it? Did they open it? Did someone intercept it along the way?
When you encrypt a message with XQ, you also get the added benefit of a spoof-proof email tracking system. Using the XQ dashboard, you can track in real-time whether an email was received, read, and any attempts to decrypt the message. If you see an alert about an attempt to decrypt by someone other than the intended recipient, you can immediately revoke the email.
Audit & Compliance
Do you know how to organize encryption data for auditing and compliance purposes?
You shouldn’t have to. With XQ, all of your encryption data (including keys) is available for export for audit and compliance. Additionally, XQ offers key control for data ownership to take us completely out of the loop and allow you to own your data.
Features
Learn about our features and how we’re working to secure your business.
Encrypted Messaging
XQ’s quantum encryption model works cross-platform, allowing for seamless communication with clients and coworkers. With XQ, encryption takes place within the app environment, meaning we never see your data and it is never stored in the cloud. Our system makes it impossible for both the encrypted message and the key to be intercepted together. As added layers of security, you can set a message password needed to initiate decryption and a message expiration date.
File Encryption
The same XQ quantum encryption architecture for messages also applies to files. Commonly exchanged documents in mortgage transactions contain highly sensitive lendee information, necessitating high degrees of discretion and security. With XQ, files can be encrypted and sent cross-platform, with the added level of security in a password and expiration date.
Enterprise Dashboard
XQ’s dashboard product allows businesses of any size to create a secure environment that extends outside their organization to include patients, vendors, and other third parties. The dashboard can turn anyone into a security manager and takes just 15 minutes to set up. It allows the manager to create and provision team members, monitor threats in real-time, and monitor team encryption activity. The real-time threat assessment function is the most accurate email tracking system in the market, with realtime updates on attempts to decrypt, read receipts, and the ability to revoke and kill a message. Managers can also set organization policies that limit which platforms XQ encryption can be used in their organization and the expiration dates for messages. The dashboard is optimized for audit and compliance purposes, facilitating data ownership and key control.
API Platform + SDKs
The XQ API platform can be directly integrated into your AWS or Azure server to take complete ownership of your data and streamline encryption practices. With our SDKs, you can automate encryption in your server and mobile application. We’ve refined our SDKs while working with mortgage lenders to develop server-side encryption. The XQ SDKs are being used by mortgage lenders to automatically encrypt all outgoing contracts and in secure communications with lendees.