Data Risks for Real Estate Agents
Data breaches have been in the news quite frequently these days and consumer privacy is at the forefront of many people’s minds. Many people assume that cyber liability is only beneficial for online business or retailers that use credit cards, but in reality the real estate world is just as much at risk as many other industries. Cyber liability for real estate agents can protect you from the risks that come with collecting your clients’ personal information.
Over the past few years, the instances of data breeches have risen dramatically. Real estate agents have to worry about this trend because of the significant amount of confidential information that they have. Applications, leases, and agreements between renters and tenants require a lot of personally identifiable information. Because of this, cyber criminals have begun to target real estate agents. Should a data breech occur, you would be liable for any losses your clients experienced.
In the digital age, many agents turn to their smartphones or other mobile devices for the storage of data. When an electronic device is stolen, all of the data is stolen as well. In addition, insignificant data backups can result in losses as well.
Cyber liability for real estate agents is one of the best ways to protect yourself from data risks. While insurance cannot protect breeches from happening, it can reduce the cost of recuperation and keep your business afloat.