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Valuable Information Security Lessons from <i>Olympus Mortgage vs. Guaranteed Rate</i>
Earlier this year, a jury awarded Mount Olympus Mortgage Company (MOMC) more than $25 million for its claims against Guaranteed Rate (Guaranteed), which alleged Guaranteed ' along with other former employees of MOMC ' illegally transferred hundreds of loan files from MOMC's internal systems to Guaranteed. While the award rightfully highlights some questionable hiring and customer portability issues, it's more notable for showcasing how important it is for a company to maintain control of its data security, both from external threats and employees.
While companies often focus their security efforts on preventing outside hackers from breaching their data, the MOMC case is a stark reminder that companies must set up systems to guard against internal threats.
In its complaint in Orange County, CA, Superior Court, Irvine-based MOMC said the defendants ' four former employees and Chicago-based Guaranteed, one of the largest mortgage companies in the country ' engaged in “corporate espionage.” The former employees were accused of taking confidential borrower information, including tax returns, Social Security numbers, pay stubs, names and addresses, and sending it to Guaranteed for the purpose of directing MOMC customers to Guaranteed.
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