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Cloud Security: Is Your Property Management Data Safe?

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Which is safer, storing your property management data on your computer or in the cloud? Property owners and managers keep a lot of personal and financial data on hand — both their own and their tenants’ — so it’s understandable that data security is a big concern.

cloud security on mobile phone

Is your data safe in the cloud?

The short answer is, most likely.

The long answer is yes, it’s safer to store your property management data in the cloud than it is to keep it anywhere else – if you are smart about it and using a trusted provider. Cloud storage companies depend on the trust of their clients to stay in business. To that end, they usually implement significantly more powerful security measures than most businesses employ on their own. For example, cloud storage companies invest in the latest software protection, as well as IT professionals whose only job is to maintain customers’ safety, cloud security and privacy.

Here at Yardi, we take our cloud responsibilities seriously. In 2019, Yardi was named to the Forbes Cloud 100 for the fourth time. Many consider this the definitive list of the top 100 private cloud companies in the world.

What if I store my tenant & financial information on my computer instead?

According to the 2019 CIRCA data security survey, 71% of organizations reported experiencing at least one cyber attack in 2018. Storing property management data on your computer may seem convenient, but it opens you up to unnecessary risks. Plus:

  • If you break or lose your computer, you lose your data.
  • If your computer is lost or stolen, all your financial information could fall into the wrong hands.
  • If your computer is lost or stolen, your tenant’s valuable personal information could fall into the wrong hands. This might include Social Insurance Numbers, birth dates and address histories.

Hopefully, none of the above ever happens to you. Even if it doesn’t, storing your data on your computer instead of the cloud also creates inconveniences for your business.

  • If your computer isn’t with you and charged, you can’t work.
  • If your tenant has a question about their account and you’re away from your desk, you can’t answer it right away. You’ll have to go back to the office first.
  • If an emergency occurs at your property when you’re traveling or it’s after hours, you will not be able to notify your tenants quickly and efficiently.

7 benefits of cloud-based property management software

Using cloud-based property management software like Yardi Breeze will:

  1. Protect your data/upload your data to a Canadian data centre.
  2. Allow you to work from any device and browser.
  3. Let you provide secure, self-service online access to tenants and owners.
  4. Increase your visibility and reporting with automated data tools.
  5. Keep your tech up to speed with automated updates.
  6. Reduce paper waste.
  7. Give you access to live support tools, if available.

Summary

If you want to safeguard your business information, increase your ease of access and stay competitive in today’s service-driven rental marketplace, cloud security is the way to go for modern property management businesses.