The number of foreign nationals purchasing property in the United State surged in the 12 months between March 2016 and March 2017, according to the National Association of Realtors. The Association said foreigners bought 284,455 properties, about a third more than a year earlier. And, similar to previous years, a larger percentage of buyers, especially in states like Florida and Arizona, were European citizens.
European homebuyers who insure their properties through U.S. companies could require those businesses to upgrade their data protection efforts beginning in May of this year.
Related: 5 things to know about the NAIC's new cybersecurity model law
|Looming EU compliance deadline
As of May 25, 2018, U.S.-based businesses that have operations in the European Union (EU) or that have customers who are citizens of EU nations will have new requirements to meet regarding data protection. This is when the new General Data Protection Regulation (GDPR) takes effect. Any companies not prepared to meet the new regulations that experience a data breach could face massive fines.
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