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How Much is Your Data Worth?

Digested from Multifamily Insiders

The data on your computer system, is very valuable to hackers. Find out why.

Inside the computer system of most management companies sits a treasure trove of information for hackers. Resident data, such as Social Security Numbers, bank account information and credit card numbers can be very attractive to hackers, according to Jeremy Rasmussen in a post on Multifamily Insiders.

“According to the Ponemon Institute’s annual survey, the actual cost of a data breach per record is $158 per record,” Rasmussen writes. “For our mythical property management company sitting on 5,000 customer records, that is: $790,000 of liability.”

Rasmussen, whose firm provides cybersecurity advice and consultation to the multifamily industry, meets many clients who believe their exposure to being hacked is minimal.

“Once we probe a little deeper, however, they quickly realize that their system could be compromised and then used to launch attacks, or else exploit a trust relationship [either as vendor or client] with another business – with the responsibility for the breach coming back squarely on them,” he says.

As liability and regulation increase, Rasmussen says the cost of these attacks will only get more expensive.

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