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Valuable Information Security Lessons from <i>Olympus Mortgage vs. Guaranteed Rate</i>

By Craig Nazzaro and Tracy E. Weir
July 01, 2016

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.

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