Earlier this week Ellie Mae, the most widely-used Loan Origination Software, was offline due to a malicious attack. Encompass, which is delivered as a software as a service model (SaaS), is Ellie Mae’s software application used as the core operating system for mortgage originators. The Encompass platform was inaccessible for almost all of the vital functionality used for processing loans causing many loans to be closed, late or not processed.
Evidently, no data was breached, however the attack raised many questions regarding the security of SaaS in the finance and related industries. Bill Cosgrove, the MBA’s Chairman-elect, stated,” This really shows the industry what can happen when data is kept up in the cloud.”
As attacks of SaaS platforms continue to happen, questions need to be asked the payroll and HR industries, as well.
If you run your payroll through a SaaS model:
- What would you do if could not process your payroll due to a security breach or outage?
- What if you cannot access your system to meet a tax deadline? Who is at fault- your company or the provider?
- What would you do if it was year-end processing?
Read the full press release on Ellie Mae’s website. For a more secure alternative to SaaS for your Payroll & HR Software needs, watch a free demo of our full in house solutions by filling out the form to the right.