Privacy Liability Insurance A Must for the Real Estate Industry

Phone hacking. Password hijacking. Virtual identity theft. With new technology comes new challenges, and online security threats are chief among them. When it comes to protecting and insuring the privacy of one's residents, it's imperative that co-op and condo administrators know the stakes and take appropriate steps—not only for the sake of their residents and clients, but for their own as well.

Data for the Taking

A number of high profile data security breaches have made the headlines in recent months, affecting major companies such as Sony, Epsilon, Honda and Michael’s stores. Epsilon, the world’s largest permission-based email marketing provider, experienced a massive data security breach, affecting a substantial portion of their high profile Fortune 50 clients. Earlier this year, Honda announced that a breach in their data security exposed over 250,000 records of their car owners. And, more recently, it was reported that multiple data breaches at Sony had affected tens of millions of Playstation customers.

While new data breaches seem to be hitting the news weekly, there are many more attacks happening each day to smaller companies that are not making the news.

Verizon reports that 50 percent of cyber attacks were on companies with fewer than 1,000 employees. Companies with 11 to 100 employees sustained 26 percent of all attacks. Nobody likes these odds.

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