How Do Title Companies Protect Confidential Information?
A lot of personal, confidential information must be exchanged during a real estate transaction. In order for a legitimate purchase of property to occur, both parties will be required to provide some sensitive information. You may feel wary about giving your personal information out, when in fact, your information is likely more secure with a title company than it would be without one.
Title insurance companies consistently handle sensitive information through paperwork and in digital documents. They take their role seriously when it comes to protecting clients’ personal information and take the necessary steps to keep it secure.
Here are some of the strategies title companies use to protect confidential information.
Strict Policies and Procedures
A title company should have strict policies and procedures in place when it comes to accessing and handling confidential information. All employees should be thoroughly trained on these policies and procedures at the start and receive periodic refreshers throughout their employment. With strict adherence, the risk of personal information being accidentally leaked is significantly reduced.
Another security measure for confidential information is to limit the number of employees who have access to it. The fewer number of people who handle paperwork and digital files with personal information, the fewer chances that information could get into the wrong hands. Some title companies include a probationary period with new employees before giving them access to sensitive information to ensure that they are trustworthy.
Data Security Software
When it comes to storing personal information in digital files, title companies use data security software to keep it secure. There are a variety of software programs available that help manage digital information, providing access to the right people and preventing access to the wrong people. Data security software prevents hacking, spyware, and other potential threats to digital security.
Title companies use encryption, a coding system that protects data. A lot of personal information is encrypted when stored to prevent outside and even inside access. Passwords, social security numbers, bank account information, and more can be encrypted to keep it secure.
Test Phishing Emails
Many title companies find success with sending test phishing emails to employees periodically. These emails will ask for sensitive information as a test to the employee. If the employee is following protocol, they should report the phishing email and refuse to reply or provide any information.
When sensitive information is secured by passwords, it helps to have some protocols in place. Have a minimum security level requirement for passwords, such as a certain combination of uppercase and lowercase letters, numbers, and special characters. Employees should be prompted to change their passwords periodically.
When transactions are complete and physical copies of paperwork are no longer needed, it is effectively destroyed so that it does provide a security risk. Shredding is the most common way to dispose of paper documents containing confidential information. A cross shredder ensures that the pieces of paper could never be read or put back together.
Your Information is Safe With American Guardian Title
You are right to be very careful with your personal information. American Guardian Title understands that and protects your confidential information in many ways. Physical paperwork is always kept secure under lock and key when necessary. Digital information is kept secure through software, encryption, and passwords. You can rest assured that we will take immaculate care of your personal and financial information.
Contact us today for all of your title and real estate transaction needs.