We’ll probably see more discussion in the coming year about the impact of The Great Resignation. The impact of the shortage of skilled labor combined with the aging and retirement of a significant portion of the existing labor pool isn’t likely pass quickly. The title industry isn’t and won’t be immune to its effects. As a service-oriented industry, in fact, the impact could be severe.
But what’s not being considered widely is the impact on cybersecurity. Our own Kevin Nincehelser offered up his thoughts in Housing Wire recently about an under-discussed consequence of the Great Resignation. Specifically, the continued thinning of the labor pool, in the title industry as well as others, doesn’t just spell challenges for productivity or service levels. It also exposes title businesses to several other threats at a time when cybercrime and fraud are already on the rise.
Unfortunately, for smaller businesses (the backbone of the title industry), a lot of loose ends aren’t always tied up when an employee leaves. Passwords don’t get shut down. Access to proprietary information remains open, which, even if it’s only briefly, can bring devastating results. Licenses don’t get adjusted to reflect an accurate number of users, which leads to wasted expense.
Have a look at the article to see Kevin’s suggestions—many of which were learned by our friends and peers the hard way—for ways to plug the breach left by employee departure before it becomes a threat!