Cyber Security in Real Estate Transactions
Attorneys, title agents and real estate professionals are involved in a very personal decision in a consumer’s life. Not only are they making a large real estate purchase, your clients are entrusting you with personal information such as social security numbers, bank account information and dates of birth. They trust you to keep this information confidential and secure, but are you?
The Consumer Financial Protection Bureau (CFPB) takes cybersecurity very seriously. The CFPB requires that non-public information only be delivered and transferred through secure methods. Unencrypted email correspondence, unsecure wireless networks and the increased use of laptops and tablets may be putting your client’s sensitive information at risk.
Attorneys and real estate professionals need to make sure they are taking the appropriate actions to ensure all confidential information is secure. Emails can easily be altered or seen by third parties so using encryption and authentication ensures that your email correspondence will remain confidential and verifies the reliability of the email address you are sending to. Wireless networks also need to be secure or any transmission sent via that network and can intercepted and seen. While convenient, laptops, tablets and smartphones can be easily lost or stolen, so password protection and encryption are a must when using these devices to complete your real estate closings.
The CFPB is cracking down on companies who do not follow cybersecurity rules. They have recently filed suit against an online payment platform for failure to take steps to keep customer data safe and secure and misleading consumers about it. Under the Dodd-Frank Wall Street Reform and Consumer Protection Act, the CFPB is mandated to review deceptive data security policies of the companies it oversees.
Like the CFPB, Easy Soft understands the importance of cybersecurity. All Easy Soft software is encrypted to keep your client’s data safe and protected. All information used in your real estate closings or any other law matter will be kept secure benefitting you and your clients.
Visit our website to learn more about Easy Soft or call 1-800-905-7638 for more information.