Let’s face it. This industry is a prime target for cyberattackers thanks to the vast amount of sensitive data involved in property transactions. From financial information to personal details, real estate companies are responsible for safeguarding confidential data from various cybersecurity threats. But the question is, how to protect your business from these threats?
As a matter of fact, many businesses overlook the question of the importance of cybersecurity measures until it’s too late. Whether you’re an agent or a broker, be sure to continue reading as we’re walking you through top cybersecurity threats and how to prevent them. Protect your business and clients’ information from falling into the wrong hands with this post here.
Social Engineering Attacks
These are a group of cyberattacks that rely on manipulating people to divulge confidential information. This tactic is often hard to counter because it preys on human emotions, such as fear or curiosity. In the real estate industry, one common social engineering attack is phishing emails.
They’re developed to mimic legitimate emails from trusted sources, such as banks or vendors. They usually contain urgent language and ask for personal information or login credentials. Once the attacker obtains this information, they can gain access to sensitive data or even control over a company’s network.
Business Email Compromise (BEC) Attacks
Business Email Compromise (BEC) attacks are a type of cybercrime where attackers target businesses and organizations to access sensitive information or money. With scammers using sophisticated methods to trick employees into giving away valuable data, this type of scam is getting more prevalent.
Known as CEO fraud, an attacker poses as a high-level executive within the company and requests urgent action from an employee. This often involves a request for funds transfer or confidential information disclosure. Implementing multi-factor authentication, regularly updating software, and training staff on how to identify suspicious emails can help.
Ransomware
Let’s not forget how dangerous and widespread ransomware attacks are. This malware can encrypt the victim’s files and demand payment, usually in cryptocurrency, to provide the decryption key. Real estate firms are at risk of ransomware attacks because they often hold sensitive client data, including financial information.
Cybercriminals can exploit vulnerabilities in software and operating systems. This highlights why it’s essential to keep all software updated regularly. These attacks can be devastating for real estate, so prevention measures such as regular backups of critical data stored offline can help mitigate these risks.
Cloud Data Breaches
As more businesses turn to cloud storage solutions, data breaches are growing concerns in the real estate industry. In fact, a 2020 report by McAfee found that incidents of security incidents involving cloud services increased by 27% in just one year. Human error is taking the first place of the most common culprit for these breaches.
A simple mistake like weak passwords or failing to update software can leave sensitive information vulnerable to hackers. Another issue is the lack of encryption and access control measures on certain cloud platforms, making it easier for unauthorized users to gain entry.
Now that you’ve learned about several cybersecurity threats in the industry, what should you do about them? Being proactive is the key to protecting your real estate business from cybersecurity threats. So be sure to always encourage personal data hygiene while maintaining your regular backup routines and user activity monitoring.
