Cyber Insurance: Protecting Tenant Data in Apartment Complexes

Written By Charlotte Insurance on August 7, 2024. It has 0 comments.

Cyber Insurance Protecting Tenant Data in Apartment Complexes

As an apartment complex owner, you have a lot of different things to keep track of. You need to ensure that your rental employees are doing their due diligence when finding new tenants, keep track of your maintenance and housekeeping workers who are tasked with repairing each apartment, and keeping the communal areas looking clean and appealing. You don’t have time for massive headaches, like those that come following a data breach. That’s right – hackers can attempt to steal confidential information from even the smallest apartment complexes.

Thankfully, you have several ways to prepare for and prevent these data breaches, including getting a cyber insurance policy.

Information Held by Apartment Complexes

At first glance, you probably think that your apartment complex’s leasing office can’t possibly have the information that hackers or cyber criminals are looking for. Unfortunately, this isn’t the case at all. Consider the details that you collect when someone applies to be a tenant: you need their name and current address, social security number, employer information, contact information, and more.

Your leasing agents pull up their credit reports and keep this information in the digital record as well. On top of this, your computer systems have a record of their payment information. Even if you encrypt it well, skilled hackers can still access it. The last thing you need is for your tenants to have their data stolen in this manner.

Small Companies Are At Risk

It’s easy to think that since your apartment complex is small, it isn’t likely to be targeted by cyber criminals. After all, don’t they focus on bigger businesses? Actually, many cyber criminals have discovered that smaller businesses have systems that are easier to hack into because they don’t have the IT security resources of larger companies. As a result, your small business is left vulnerable, along with your tenant’s personal information.

The Importance of Cyber Insurance

Although cyber insurance can’t help prevent an attack, it can help you recoup costs spent once one takes place. Consider the many things that you’ll have to do after a data breach, from contacting your tenants and offering them recourse, like locking their credit down, to having your computer systems rebuilt and made even more secure. Plus, there’s the hit that your apartment complex’s reputation will take, which could leave you without a full building of tenants.

Thankfully, cyber insurance is designed to pay for these costs. Unlike general liability insurance, which often doesn’t cover everything that follows a data breach, this specialized policy will help you and your small business by providing funds for public relations, data breach notifications, computer system redesigns and security, and more. It will prevent you from having to pay for all of these things out of your company’s pocket.

Have Questions? Contact Charlotte Insurance

Want to learn more about cyber insurance and how it can help keep your tenant’s data safe? Contact Charlotte Insurance. Our knowledgeable agents can explore and explain all available options and put together the insurance coverage plan your business needs.

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