It’s 2021 and nothing is more valuable than data. In today’s world of business, data is gold.
For commercial real estate, data has been playing an imperative role in shaping successful strategies. From small boutique brokerages to global firms, being data-driven is a must to keep pace with the industry’s contemporary movements.
When it comes to data, the most important thing is knowing how to properly leverage the information. Having data is necessary, but the value of data depends on how it’s used. As businesses strive to better flex their data capacities, a new concern is arising: data security,
Today, nearly every brokerage is safeguarding a hub of sensitive data. Information from every deal, asset, and client is digitally stored and used for analysis. This data needs to be kept safe – here’s why, and how your brokerage can protect its priceless data.
Why It’s Important to Keep Data Safe
The proper application of data allows businesses to make predictive analysis, helping them to better understand the next best moves to make.
This capacity is what makes data so valuable to contemporary business models. If you know what’s happened, you can know what to expect. Brokers who use data are able to better serve their clients, make confident moves, and handle their portfolios with a degree of foresight.
Data is valuable – there’s no question about that. But, keeping your data safe is a big responsibility. With industries turning to digital infrastructures at a rapid pace, cybersecurity concerns are skyrocketing. Brokers need to be sure that their data is not going to be stolen, leaked, or compromised in any way.
In today’s CRE climate, protecting data is protecting a broker’s most valuable asset.
3 Solutions for Safe Data
Commercial portfolios generate a massive amount of data. These 3 strategies will help professionals keep their data safe. This is what brokers can do to make sure that they’re taking the right steps:
Keep a Data Inventory
Staying organized the first step towards a robust data protection strategy. If you don’t know what your brokerage has, you won’t be able to keep it safe. Making a data inventory is a great way to keep track of your data, where it’s stored, and where it’s sent to.
Don’t Be Hit with Internal Fraud
Not all threats to data come from the outside. It’s equally as important for brokerages to guard against internal fraud.
For digital data, maintain encrypted access and security restrictions. Security clearance to access sensitive data should be a baseline practice for brokers. Paper-based data needs to be protected, too. Keeping sensitive documents stored safely is a wise protective move.
Have a Data Breach Emergency Plan
Always be prepared for a worst-case scenario. Forming a data breach emergency plan is required to develop a solid reaction plan. This includes proper training for all team members, planning the next steps, and preparing to move forward. Be ready to pivot, investigate, and solve the problem.
Data reigns supreme – be sure yours is safe with these best-practices.