Harris’ new law will help protect consumers from security risks

Illinois Insurance are required to take extra precautions to keep residents’ sensitive information safe, thanks to a new law sponsored by State Senator Napoleon Harris, III.

“No organization or business is immune to cyber threats,” said Harris (D-Harvey). “It’s important that the state’s insurance companies take the necessary steps to protect resident’s private information.”

House Bill 2130 institutes requirements and procedures for insurance companies to implement security programs and create response plans. The measure, known as the Insurance Data Security Law, also requires the insurers to submit a written certificate of compliance and notify the Illinois Department of Insurance if any cybersecurity events occur.

Harris spearheaded this measure after news of several major data breaches involving large insurers. During these breaches, potentially sensitive personal information of millions of insurance consumers were compromised.

He believes that in light of these increasing incidents, that state insurance regulators need to be reevaluating their regulations on cybersecurity and consumer data protection.

“Our hope is this new law will provide consumers with the peace of mind that their information is safe from bad actors,” Harris said. “We need to continue to institute new laws that keep our residents safe from these threats.”

House Bill 2130 goes into effect on Jan. 1, 2024.

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Personal Trainer to the Real Estate Consumer

Are Realtors Essential Today?

MIKE BUDER

In a normal market, it’s good to have an experience guide coaching you through the process of buying or selling a home.

That person can advise you on important things like pricing your home correctly or the first steps to take when you’re ready to buy. However, the market changes we have experienced the past few years are far from normal. As a result, an expert isn’t just good to have by your side…an expert is essential. Today’s markets are full of extremes. Mortgage rates going from record lows to doubling within ten months’ time.

In 2020 through 2022 the absence of sellers created record low housing inventory. This imbalance in supply and demand lead to a skyrocketing rate of bidding wars and more houses selling over their asking price which drove home price appreciation and gains of home equity quickly. Today’s mortgage rates have affected the affordability and therefor have pulled back on some of the escalated gains. These market conditions aren’t just extreme, they can be overwhelming. Having a trusted expert to coach you through the process of buying and selling a home gives you clarity, confidence, and success through each step. Here are some reasons why Realtors are invaluable in today’s market. Realtors help with the disclosures and contracts necessary in today’s heavily regulated environment. Realtors are well versed in real estate and experienced with the entire sales process, including the ways it has changed over the past year. Realtors act as a buffer in negotiations with all parties throughout the entire transaction while advocating for your best interest. Realtors can simply and effectively explain today’s market conditions and decipher what they mean for your individual goals. Realtors