Tips for Realtors® on discovering data breaches and how to recover from them

Yesterday, Mike Barton, president of Allstate Business Insurance, offered tips on keeping your data secure.

Today, Barton is going to talk about how to know if your data has been compromised and what to do if it has been. So, how do you know if your data has been compromised?

Barton said it starts with the obvious, like missing computers, laptops, smartphones or other hardware, as well as missing hardcopy documents.

An unusually slow Internet connection or business computer could be a sign of a compromised machine or malware on the machine, he said. A computer that was turned off when an employee left work and is on when they return may be a sign someone was trying to access private information.

“If Realtors® receive a lock-out message the first time they try to access an account and they entered their ID and password correctly, their account might have been hacked,” he said.

Additionally, if customers claim their information might have been compromised, take it seriously and investigate further.

If your data has been compromised, Barton said not to panic. Instead, take a step back and try to determine the nature and extent of the breach.

“If you have data compromise insurance, and let’s hope you do, contact your agent or carrier. Data compromise insurance often provides indemnification as well as access to resources to help you through the process,” he said.

Consider providing credit monitoring or ID theft services to those whose information was breached as a goodwill gesture, suggested Barton.

Barton said to be proactive, and advised creating an incident response plan that you will have ready in the event that you have a breach.

“A well-thought-out plan, created in advance, can help you quickly take the right action,” he said.

Don’t try to “bury” the breach. “No matter how small you may think your company is, the fallout from a cover-up is almost always worse than being upfront and proactive. It’s likely your legal responsibility to notify people, too,” he said.

“Sound data security practices and having the right insurance can help protect your business.”