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Cloud backup and archiving for real estate agencies, brokers, escrow firms, inspectors and other real estate-related services is a necessary part of good practices
for protecting valuable data — for ecosystems such as Office 365 and G Suite— while complying with FTC and Gramm-Leach-Bliley Act regulations.
Real estate companies and those that support them are required to obtain, hold and share highly sensitive personal and financial information. Because of this, regulations for real estate firms require two broad data protection and security measures:
Data Protection and Security
The intent of the regulations is to prevent unauthorized access or use of customer data, to protect and keep data secure, and to ensure that data is safely disposed of when it’s no longer needed.
Real estate data protection and security includes five key principles, as recommended by the Federal Trade Commission:
Real estate firms must protect data — such as email, SharePoint and OneDrive data within Office 365 — from loss by implementing several key measures specified in the regulations.
Should data be deleted, corrupted or hacked with encryption, a real estate company could find itself unable to transact business. Having automated daily backups of data ensures that should such a data disaster happen, restoring full and complete copies is just a click away.
Interestingly, there are aspects of the Gramm Leach Bliley Act that pertain to real estate industry firms. The regulations apply to any firm using, accessing or holding consumer credit information, which can include those firms “providing real estate settlement services.”
The regulations for proper treatment and disposal of consumer credit information provides details on the ways real estate firms must manage their data:
Electronic Code of Federal Regulations: Title 16 → Chapter I → Subchapter F → Part 682
(b) Scope. This rule applies to any person over which the Federal Trade Commission has jurisdiction, that, for a business purpose, maintains or otherwise possesses consumer information.
§682.3 Proper disposal of consumer information
(a) Standard. Any person who maintains or otherwise possesses consumer information for a business purpose must properly dispose of such information by taking reasonable measures to protect against unauthorized access to or use of the information in connection with its disposal.
The regulations go on to provide examples of reasonable measures firms should use to properly dispose of both physical and electronic consumer information.
Having the ability to provide an audit trail to verify that reasonable measures were taken to properly dispose of the data is key to ensuring compliance.
Dropsuite provides a comprehensive solution for backing up, archiving, restoring and verifying disposal of stored electronic data. This includes robust searching and reporting tools that can help real estate firms validate they are in compliance with data disposal regulations.
Maintaining proper protection of sensitive consumer information means only providing access to authorized employees when data is needed. Using Dropsuite’s easy to set up user roles, specific employees, administrators or auditors can be granted or denied access depending on their need for sensitive data. In addition, the ability to provide reports and audit trails on what data was accessed and when ensures real estate firms can properly report on data activities internally and to 3rd parties who may require validation of regulations.
A critical component of complying with FTC, Gramm Leach Bliley Act and the Fair and Accurate Credit Transactions Act for data protection is using maximum-strength encryption both in transit and at rest. Dropsuite provides TLS or SSL secure connections coupled with 256 Bit AES military-grade encryption to protect data at all times, both in transit and at rest. This ensures real estate company data is backed up, preserved and protected should it be needed in the event it is corrupted, encrypted or deleted.
Dropsuite data backup and archiving solutions for real estate companies safeguard, retain and use journal archiving to ensure your sensitive consumer data records are securely stored for as long as you need them. This not only reduces your storage requirements but provides you with an FTC and Gramm Leach Bliley Act compliant SaaS tool to manage your email and related consumer real estate data.
Our solution assures that 100% accessible records are systematically stored in a military-grade secure, central cloud data repository. With state-of-the-art security and legal hold features in place to guard against issues of tampering you can rest assured your real estate company is in compliance with consumer privacy and disposition regulations while maintaining maximum safety and security. Dropsuite Cloud Email Archiving was tailored-made for the rigid regulatory requirements real estate firms must adhere to.
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