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The Need for Real Estate Agents to Carry Cyber Insurance
Posted on: August 15, 2016 by Newmark Insurance
What was once a distant threat is now an everyday concern for businesses of all types. The real threat of cyber-attacks need to be addressed in risk management strategies to secure real estate operations and confidential information. Any real estate professional or firm that uses cloud-based operating systems, stores data, or uses electronic devices to run their company are susceptible to these threats. Therefore, let us take a closer look at the common threats that these professionals face – all of which can be mitigated with the right Cyber Liability for Real Estate Agents policy.
The overwhelming amount of personal identifiable information that real estate agents manage on a daily basis is the reason they are susceptible to hacking, phishing, and malware. For this reason, driver’s licenses, social security numbers, addresses, and credit card information needs to be securely protected on your firm’s network.
If you or one of your employees’ laptops were to be stolen, chances are, that confidential information would be compromised which includes financial documents, contracts, schedules, and more. While this may seem like an afterthought for many, a report titled the Cyber and Data Security Risks and the Real Estate Industry found that 80 percent of data breaches reported in 2012 were a result of this thievery.
Simply because your firm outsources your data protection to a third-party doesn’t mean that your information is 100 percent secured. Be sure to understand your liabilities in the event they experience a breach and how to limit your exposures.
At NewMark Insurance Services, we specialize in protecting the real estate sector. By safeguarding your assets with our comprehensive professional liability policies, you can achieve peace of mind and release your firm of financial obligation. For more information about our products and services, contact us today at (855) 777-6549.