The recent passing of comprehensive data privacy bills in states like Texas, Florida, Delaware, and Oregon, and the incorporation of exemptions for entities following the Gramm-Leach-Bliley Act (GLBA), holds important implications for title professionals.
Title professionals, who are involved in cash transactions and handle sensitive personal and financial information, are particularly impacted by data privacy regulations. The GLBA’s exemption in these state-level bills acknowledges that financial institutions, including those in the title industry, are already subject to strict data protection and disclosure requirements.
The inclusion of exemptions for GLBA-regulated entities is significant. As the landscape of data privacy becomes increasingly complex, having strong data protection measures in place can potentially reduce the likelihood of data breaches and errors related to sensitive customer information. This can contribute to a more favorable risk profile for title professionals seeking E&O insurance coverage.
While these legislative advancements provide a solid framework for protecting sensitive information, it’s important to bear in mind that insurance coverage may have limitations. Contact the TIAC team for a thorough assessment of your risk exposure and policy coverage.
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This information is provided for the purpose of illustration. The coverage provided is that set forth in the terms, conditions, and limitations of the policy of insurance.