For the rapidly expanding proptech industry, regard for data security can boot in multiple advantages.
FREMONT, CA: Advancements in technologies and tools for effective data collection and analysis are transforming many aspects of the proptech industry today. Proptech players now have the opportunity to integrate various sources of data and process them to discover valuable patterns and insights. These insights can aid decision-making, thereby optimizing revenue prospects. Although data has tremendous value and is easily accessible for proptech firms today, ensuring ethical, lawful, and compliant utilization is essential. Some ways in which proptech companies can excel at maintaining data security are enlisted below. Read on to find out more.
• Assessment of Data Licenses, Sources and Consent
The right way of using data is by gaining licenses and consent. Every stakeholder must consider an agreement with the terms of data usage defined clearly. For example, two companies collaborating and exchanging data should ideally sign agreements and data licenses. Apart from that, gaining the consent of data-owners is also vital. For instance, a tenant management system uses the information provided by tenants. Before using this data for any purpose, a proptech firm should ensure that they have the necessary consent.
• Predetermination of Data Use
Sometimes, proptech firms try to gain access or ownership of data, without considering its value or relevance. This results in an increased burden for privacy and security. Thus, before opting for any source of data, proptech companies should determine how they can use the data. Such an approach not only results in the efficient use of data but also contributes to optimized security by ruling out unauthorized usage.
• Monitoring and Reinforcing Data Security and Regulatory Norms
By analyzing data, proptech firms can discover new opportunities. However, all of these should happen within limits set by regulatory frameworks. Today, data privacy is a big concern. Non-compliance to regulatory standards can invite fines and cause reputational damage for enterprises. Thus, proptech players should use data security solutions and seal the gaps in compliance. Periodic security and compliance audits are a must.
A combination of best practices and the use of technological interventions can empower proptech companies to attain optimum levels of data security.
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