We live in the era of the digital economy, which implies that data storage and processing are part and parcel of most sectors. It is not just limited to the IT services now. Therefore, Data privacy and protection have become synonymous with all the industrial spheres concerning policy and compliance. The Real Estate and construction center also follows the trend as it is undergoing rapid digitalization.
Integrating digital security measures is essential to preventing disruptions and improving resilience. There is a need to change cybersecurity practices from conventional perimeter-focused tactics to more data-centric strategies as the sector transitions towards digital acceleration plans. Data integrity and accessibility must be protected at all costs, especially considering the rising frequency of ransomware attacks. Data governance should give categorization and security priority to safeguard valuable process knowledge.
Data Privacy Risks in Real Estate
Despite handling much personal information, real estate companies have been careless when prioritizing privacy and data protection. This includes information on financiers, renters, property owners, and other stakeholders. The industry’s focus on complicated, quick transactions has contributed to disregarding privacy issues. Professionals wrongly believe that because many real estate companies are locally owned and have a local emphasis, they are immune from adhering to privacy rules. Additionally, these companies’ small staff sizes frequently lead to the oversight of privacy regulations.
General problems that lead to increased data privacy risks within the real estate industry are:
- Lack of sufficient Cybersecurity system.
- Ineffective Data retention practices and schedules.
- Lack of a response mechanism for customer requests.
- Lack of a data breach notification system.
With ever-expanding regulatory requirements concerning handling personal or sensitive user data, real estate companies cannot now be off the hook with data protection compliances. The latest legislation and regulations tackling this problem, especially in the real estate sector, are the CCPA and the GDPR.
The CCPA, i.e., California Consumer Privacy Act, 2018, gives customers specific rights, including the right to find out how their personal information is collected and used, where it comes from, and how the company plans to share it. Customers also have the right to ask for the erasure of any data that has been stored about them and the stoppage of the sharing of their personal information.
While the GDPR limits the gathering, use, storage, and sharing of personal data on customers without their consent in the European Union, regardless of the company’s location, companies are obligated to offer customers the option to request the removal of their personally identifiable information and information about the data acquired, its intended use and storage. Real estate firms that conduct business in Europe must follow the GDPR’s rules and regulations. Also, Read– IAPP certifications and GDPR.
Practices that Ensure Data Protection
Apart from compliance with regulations such as the CCPA and GDPR, there are some other practices that organizations can adopt to minimize data privacy concerns:
- Secure Backups: To reduce the financial impact of a cyberattack, network segmentation and log monitoring should be used. Data may be restored from secure backup settings, on-site or in the cloud, providing uninterrupted production and time to market.
- Creating an adequate and efficient cyber security system: Every business that receives customer information must have policies and procedures to reduce the chance that the information will be accessed improperly, subjecting the company to possible regulatory scrutiny and fines. Real estate firms should know the following, at the very least:
- Data types entering and leaving the organization.
- To whom access to the information is granted, and reasons behind the access?
- Whether or whether private information is protected while being stored
- How will the business respond to requests from clients to stop sharing any?
- Conducting Data Protection Impact Assessment: The responsible party must conduct a data protection impact assessment if highly sensitive data is handled or if the risk to individuals impacted using new technologies is significant. The person in charge must consult the relevant data protection body for assistance if risks cannot be sufficiently eliminated. This is required in the real estate industry for the surveillance of publicly accessible places, such as lobbies or shopping malls, for example. Additionally, when profiling is done, this is necessary.
- Certifications: training and enabling professionals to implement best practices for ensuring data privacy and protection and compliance with regulatory requirements.
Relevant Certifications are:
- ISO 27001 is an internationally recognized benchmark for information security management systems is ISO 27001 accreditation. It offers a framework for businesses to develop, put into practice, uphold, and constantly enhance their data privacy practices. Obtaining ISO 27001 accreditation proves a company’s dedication to safeguarding data privacy and securing sensitive information. It entails doing risk analyses, putting security measures in place, and establishing reliable data management procedures.
- CIPP/E: Data Privacy Professionals in the real estate industry can benefit from having the CIPP/E certification, especially considering the General Data Protection Regulation (GDPR). The CIPP/E certification denotes knowledge of European data protection legislation, such as the GDPR. Since the real estate sector handles a sizable quantity of personal data, having trained individuals ensures compliance with GDPR laws, improves data privacy practices, and promotes client trust.
- CIPP/US: The real estate industry values CIPP/US accreditation because it implies that the certification holder knows U.S. privacy laws and regulations. Having trained experts ensures compliance, strengthens data privacy practices, and builds consumer trust by protecting sensitive data because the real estate sector deals with sensitive information.
In gist, these Privacy certifications have become crucial even in the real estate industry. These certifications are necessary to enable organizations’ regulatory compliance and professionals to employ the best data privacy practices. By earning these certifications, organizations can show their dedication to compliance, protecting sensitive information, and developing stakeholder trust. These accreditations help organizations stand out in a crowded market and promote stronger client relationships. Additionally, gaining privacy certifications allows businesses to streamline their data management procedures and foster a continuous improvement culture. Privacy certifications will remain essential for protecting the security and privacy of personal data in construction and real estate activities as privacy concerns continue to rise.
How can Tsaaro aid you?
If you’re looking for IAPP certification or training, consider Tsaaro, where the trainers will assist you in becoming a privacy specialist. The Tsaaro tutors have an in-depth understanding of privacy and practical experience in the private sector. Tsaaro Academy’s mission is to help people start careers in data privacy by providing the greatest instruction and training available. We provide the CIPP, CIPT, and CIPM credentials as an authorized IAPP training partner. Contact us at firstname.lastname@example.org.