When most people think about consumer data breaches, they often conjure images of banks, credit reporting agencies and retailers. However, the apartment industry is just as vulnerable. Apartment firms increasingly operate across multiple states and must comply with a patchwork of 48 different state laws governing data security and privacy. This regulatory framework drives up costs, which ultimately affect housing affordability. Given the ever-expanding cyber-threat landscape, rental housing owners and operators have made defense against these vulnerabilities a top priority.
Congress should enact legislation that will create a single national data security and breach notification standard that is reasonable, flexible and scalable.
As an Owner or Operator, How Does this Affect My Business?
Rental housing owners and operators are responsible for safeguarding vast amounts of highly sensitive, personal data collected, used and maintained about applicants, residents and employees. Data breaches can impact all of these individuals and create severe reputational, financial and legal costs for apartment firms. Creating a secure, cost-effective method to ensure personal data safety will limit the liability of apartment owners and operators, as well as upholding an excellent business reputation.