To conduct business in the digital age, real estate practitioners rely on computers, mobile devices, transaction management systems and web apps to communicate with clients, escrow officers, lenders and other agents, as well as to maintain their schedules, contact database, transactional documents and, at times, financial records.
Since just about anyone that uses technology faces cyber risk, real estate brokerages are not immune from privacy breaches and cyber attacks.
To protect their interests in the event of cybercrime, more and more brokerages are exploring cyber insurance policies that are designed to help a business mitigate its risk of loss in the event of an attack, data breach, or network security failure. Like any business insurance, cyber insurance coverage varies greatly by insurer and policy. As a result, the task of securing cyber insurance can prove daunting. To start with you can check out top insurers like Lowered rates for good options.
Arizona REALTORS® has therefore drafted A Brokerage’s Guide to Cyber Insurance to assist brokerages in navigating the process of securing cyber insurance by providing insight into why cyber insurance may prove necessary, the different types of policies that exist and what they may and may not cover, as well as to help with the application process.