Colliers, a leading global real estate services firm, is calling on property developers to strengthen their data privacy measures in light of increasing cybersecurity threats. This plea comes after several high-profile data breaches, including incidents affecting major companies that compromised sensitive client information.
The firm emphasizes that protecting clients’ data is essential for maintaining trust and professionalism in real estate transactions.
With the proliferation of digital tools and platforms, Colliers said real estate professionals must navigate this digital terrain more carefully as real estate transactions involve a host of sensitive information – from financials, personal data, and transaction history, among many others.
Recent reports indicate that nearly 24 percent of data breaches stem from human error, underscoring the need for comprehensive training and awareness among employees. Colliers recommends that real estate firms adopt strong password policies, encrypt sensitive data, and conduct regular security audits to mitigate risks.
In addition, Colliers calls for the appointment of Data Protection Officers (DPOs) within organizations, aligning with legal requirements set forth by the Data Privacy Act of 2012 in the Philippines. A DPO can help ensure compliance and improve competitive standing in an increasingly data-sensitive market.
Colliers’ call to action highlights the importance of clear data privacy policies that outline how client information is collected, used, and protected.
As the real estate sector navigates the complexities of digital transformation, Colliers urges developers to take immediate steps to bolster their data privacy controls, ensuring a secure environment for clients and maintaining the integrity of the industry.
