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The Value of Your Information

April 25, 2017 | Jeremy Rasmussen via Multi-Housing News

This article was originally published on Multi-Housing News Online and is republished here with permission.

The first thing multifamily housing industry professionals need to know is that you are sitting on a goldmine of information that hackers would love to steal.

You collect personally identifiable information (PII) about customers—such as names, addresses, phone numbers, credit cards, Social Security Numbers, bank accounts, background checks, etc. Thieves can use this to get credit cards, file false tax returns, create fake credentials, drain bank accounts, open new utility accounts, or even get medical treatment on a victim’s health insurance.

You also have your company’s own intellectual property, financials, employee PII, bids/proposals and other company sensitive data that must be protected.

So, how much is your data actually worth? In many ways, this is difficult to quantify—in fact, there have been court cases in which plaintiffs recovered only the cost of a stolen disk because they could not prove the value of the data on it. But you can imagine some types of data might have a devastating business impact if breached. What if your company’s strategic five-year plan fell into the hands of your nearest competitor? This might have a crippling effect on prices, profits, stock value and other financials.

We can try to quantify the value of information via several factors:

[Read the full article on Multi-Housing News.]

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