Over the past few years, the real estate business has seen a proliferation of electronic risks, varying from phishing and email blasts to cybercriminals. These risks also focus on builders and other people living in housing developments.
What you need to know about cybersecurity today
Cybersecurity is often underestimated, resulting in many businesses losing large sums of money or going completely bankrupt. Here are some cybersecurity statistics you should be familiar with:
-Over 50% of malicious attacks are directed at small companies. Although small enterprises may not seem as profitable to hackers as major corporations, their protection methods are generally poorer and much simpler for cybercriminals to break into. These days, small companies account for 13% of the digital crime market, but the typical small company on average puts their cybersecurity investment at less than $500.
-Economists predict that by 2021, the damage will be $6 trillion. This figure means that the losses and expenses associated with cybersecurity will amount to more than all the losses associated with disasters in a year. Taking this to an account a good antivirus software should be considered. Here is good review of one of the solutions – PC Matic review.
– Only 10 percent of computer crimes are registered in the US each year. Although the U.S. is considered a center of technology, cybercrime is still very poorly reported. This is since they are difficult to detect and even tougher to justify.
-A ransomware strike occurs within 14 seconds. Following the official 2019 Official Annual Cybercrime Report (ACR), companies are targeted by ransomware attacks every 14-15 seconds. This is a staggering number that shows just how common these threats are.
Why are cybersecurity threats targeting the real estate industry?
Although a title insurance provider or any other company in the real estate world may seem a low-probability object for an attack, these risks are, actually, quite common. In the end, the real estate market is worth an estimated $31.8 trillion, and the companies that make it maintain vast quantities of client files, from national insurance license plates to finance and banking records. These are a few other things that turn real estate into such an attractive prospect for cybercriminals:
Real estate is a high-value section for hackers. The Forbes reports, ” A recent IBM study found that the average value of a single data breach is $3.86 million per company.”
Opportunities abound. Real estate is a huge money remittance daily. Due to this, the industry has always been a profitable subject, particularly given the fact that historically it has been slow to implement technology that could stop break-ins
There is very little formation around technology. When a real estate agent tries to implement technology, they may inadvertently expose them to the possibility of hacking. The Mirai malicious incident in 2016 is an illustration of the huge scale of the issue. This case targeted insecure Internet of Things devices, leading to a major internet blackout on America’s east coast
Real estate firms are struggling with appearances. In spite of their best efforts, many real estate businesses challenge to get a complete overview of their attached appliances, let alone protect them correctly. This exposes them to constant attacks and makes it hard to secure the network well enough to stop an intrusion
4 ways to resist cyberattacks for real estate companies
Not surprisingly, every real estate company wants to defend itself from data breaches. These approaches not only secure the business but also keep clients safe. The following are a few methods for local and national firms to strengthen their protection and make themselves less prone to cybersecurity attacks, both at present and in the future:
Developing standards for bank transfers
In no case should bank transactions be carried out via email. Email is a very delicate system. Real estate corporations should set a standard prohibiting the transfer of funds by email at any time. This protects clients and agencies from phishing attacks and diminishes concerns about which methods are lawful and which are not.
Familiarise yourself with NIST best practices
Although there is no formal requirement for real estate industry companies to adhere to NIST best practices, establishing these practices is a perfect way to keep yourself safe.
As you learn more about NIST’s best methods, the better prepared you will be to secure your agency both at present and in the future. As NIST’s best methods evolve as cybersecurity risks keep developing, you must stay abreast of the changes as they occur.
Invest in a cloud security platform
Today, although many real estate companies already operate digitally, many still rely on paper-based media and file formats. By simply shifting their records to the cloud, these businesses can reap the many benefits of security, from propagation to more accurate insight into behavior and risk location. This is one of the simplest methods of providing cyber protection.
Keep email and passwords hygienic
It may seem easy, but it’s one of the most effective methods of dealing with attacks and keeping your organization safe. Here are some tips to help you avoid cyber-attacks.
Use secure encrypted email, a transactional control platform, or document exchange software to share confidential information
Never press unfamiliar attachments or links as this can lead to malware being downloaded to your device
Clear your email account regularly and archive important messages in a safe place
Use complex long passwords such as phrases or sets of letters, numbers, symbols
Do not use the same password for more than one account