Your co-op or condo unit houses more than your material possessions. The management office also typically contains detailed information about you—including your social security number, credit card number, emergency information, phone number and many other important documents relevant to your security.
And that information is worth a lot of money to hackers—or anyone interested in using the content of your private files to their advantage.
Locking it Down
With more and more information and day-to-day business functions being handled online, the safety and security of users' personal data and privacy has become a major concern for everyone—and that includes property managers and board members.
And while identity theft is a growing business, New York has enacted laws to make sure your information doesn’t leave the management company’s computers or offices. In September 2006, New York Governor George Pataki created the New York Social Security Number Protection Law, which places limits on the use of social security numbers—and imposes strict penalties on any company that doesn’t protect the social security numbers that they’re responsible for safeguarding.
Laws such as The New York Social Security Protection law were enacted to protect you, and they’re applied to all non-governmental bodies—including individuals, corporations, and partnerships. Before you hire a management company for your co-op or condo, you should figure out a plan of action to protect your building’s personal information, and make sure you know the 411 on how and why this information can be stolen.