Ethics and Cybersecurity in Real Estate Law

This course reviews three ABA Formal Opinions, 477R, 483, and 498, formulated by the Standing Committee of Ethics and Professional Responsibility. While the Model Rules were amended in 2012 to address the benefits and risks of lawyers using technology, these two opinions examine the current technology, risks, and the necessity for cybersecurity. According to these opinions, lawyers have an obligation to implement a reasonable amount of cybersecurity in order to fulfill their duty of competence, and client confidentiality, and discuss cybersecurity matters with their clients to comply with the model rules on client communication.  

In reviewing these opinions along with relevant state regulatory laws, the instructors will discuss basic security methods that can be applied to protect client information from unauthorized access or disclosure and provide guidance for dealing with a data breach. Additionally, the instructors review the wire fraud threat to real estate transactions along with how maintaining the ethical duties set forth in the Model Rules and Formal Opinion 477R and 483 will reduce the risk of wire fraud for you and your clients.

Learning Objectives:

1. Discuss ABA Formal Opinions 477R, 483, and 498

2. Identify their relevance to Cybersecurity

3. Review what constitutes as a "Reasonable Effort of Security"

4. Identify Cyber Security Risks and Threats to Real Estate Transactions