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An oft-used business management concept is to “hire people smarter than you.” The concept also applies to hiring vendors – hire vendors that are
better than you (especially when it comes to information security). Texas-based Ascension Data & Analytics LLC (Ascension), a technology and data analytics company used by the mortgage industry, did not utilize that concept in its vendor hiring process, and as a result, recently entered into a proposed settlement agreement with the Federal Trade Commission (FTC) following charges that it violated the Gramm-Leach-Bliley Act’s (GLBA) Safeguards Rule by failing to ensure that its third-party vendor adequately protected mortgage holder personal information.
Monday, January 11, 2021
An oft-used business management concept is to “hire people smarter than you.” The concept also applies to hiring vendors – hire vendors that are
better than you (especially when it comes to information security). Texas-based Ascension Data & Analytics LLC (Ascension), a technology and data analytics company used by the mortgage industry, did not utilize that concept in its vendor hiring process, and as a result, recently entered into a proposed settlement agreement with the Federal Trade Commission (FTC) following charges that it violated the Gramm-Leach-Bliley Act’s (GLBA) Safeguards Rule by failing to ensure that its third-party vendor adequately protected mortgage holder personal information.
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Allegations by the Federal Trade Commission (FTC) against Texas-based Ascension Data & Analytics, LLC has resulted in the mortgage data analytics company’s requirement to install an enterprise-wide data security program, according to a press release issued by the FTC.
The case is the result of the commission’s discovery that a vendor of Ascension was not sufficiently protecting personal information for mortgage holders. Under the Gramm-Leach-Bliley Act’s Safeguards Rule, financial institutions are accountable for the actions of vendors, data security being critical to that oversight.