The process of selling and purchasing real estate can be arduous enough. Think about all of the highly sensitive and personal data that gets revealed and transferred – financial statements, tax returns, Social Security numbers, and more.
Then think of the bonanza a cyber criminal would reap from tapping into that cornucopia of information. Cyber insurance quickly becomes a vital component of the real estate business’ arsenal.
According to insurance industry sources, cyber liability insurance helps real estate agents, commercial landlords, and other real estate professionals pay for expenses associated with data breaches. If a cybersecurity breach would occur, a cyber liability policy could provide coverage for:
- Notifying clients or customers about the breach.
- Good-faith advertising or public relations campaigns to restore reputation.
- Credit monitoring services for affected clients.
- Cyber extortion demands.
- Attorney’s fees.
- Court costs.
- Settlements or judgments.
Real estate businesses regularly handle sensitive customer data and perform sizeable transactions. Should any of this electronically transmitted data get stolen or otherwise compromised, customers are immediately placed at risk of theft – including identity theft – and could file suit against the real estate business.
There is absolutely no reason to remain open to such exposure. Contact the team of professionals at The Reschini Group for information on how we can fashion a cyber liability package for your organization.
Copyright 2020 The Reschini Group
The Reschini Group provides these updates for information only, and does not provide legal advice. To make decisions regarding insurance matters, please consult directly with a licensed insurance professional or firm.