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Data Security for Commercial Real Estate Strengthened by Cloud Platforms
The focus of data security is slowly but gradually converging over the commercial real estate (CRE) industry. For the incumbents of this $ 15 trillion-plus industry, protecting their data has become a hot topic.
CRE firms are known to collect, store, and share information without paying much attention to cyber-security and data risk management. As a solution to this problem, cloud platforms are now starting to address the security needs of the industry leveraging powerful authentication protocols, robust encryption, strict access controls, and centralized databases.
Two-factor authentication is gaining rapid popularity as a provision that allows users to access only the information they have authorization for. In addition, there is single sign-on (SSO) feature that strengthens the overall security posture of a firm by allowing it to govern decisions about who is granted access, when, and for how long, thereby safeguarding against any unauthorized leakage of proprietary data. Solid encryption is another key to maintaining the privacy of data; experts strongly suggest 256-bit (bank-grade) encryption.
Having a centralized database gives a major boost to the value and efficiency of a company by consolidating the entire data related to deals, properties and leases, and by further eliminating redundant data, if any. The centralization of data also facilitates easy tracking of user activity. This illustrates how having a centralized data platform on the cloud can uplift productivity and fortify information security.