Protect Borrower Information While Working Remotely
As the world copes with a deadly pandemic, scam artists and cybercriminals are finding new ways to penetrate networks and steal personal information they can use to put money in their pockets.
By some accounts, hackers are making an estimated $160 billion per year by stealing and selling people's personal data. As your title partner, we are doubling down on efforts to help you protect your borrower’s Personally Identifiable Information (PII) even as you and many of our team, are working remotely.
As a refresher, PII includes any information that can be used to identify, contact, or locate an individual, either by itself or in combination with other easily accessible data. PII may include financial, tax, or employment documentation as well as phone number, email address or Social Security number - exactly the kind of information required in the course of conducting real estate transactions.
In these chaotic times, responsible agents do not leave such data lying around in a folder on their desks or on the back seat of their cars. Trustworthy brokerages have extensive PII protocols in place, including encryption, strong passwords and increasingly paperless transactions.
As a conscientious agent, you can do your part to protect your clients’ PII by basing your information security plan on five key practices:
- Take stock - Know what PII you have in your files and in your computer, how that information moves through your business cycle, and who has access to it.
- Scale down - Keep only what you need. As a transaction moves toward closing, there is no need to hang on to some of the sensitive information you needed to have early on.
- Lock it away - Know and comply with your company’s physical and electronic security measures.
- Pitch it properly - Be sure any paperwork containing sensitive client information is shredded so that it cannot be reconstructed. For computer files, use software that can wipe data from the hard drive and prevent restoration.
- Plan ahead - Because there is no guarantee that you will never be hacked, be aware of the documentation your company has in place that outlines post-breach procedures.
Barbara Pronin is an award-winning writer based in Orange County, Calif. A former news editor with more than 30 years of experience in journalism and corporate communications, she has specialized in real estate topics for over a decade.
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