Historically, the real estate industry has not been a prime target for cyber attacks, but the move to digital platforms has changed this and made agencies more vulnerable. Documentation that used to be solely paper-based is now online and while this makes buying and selling more efficient and convenient, it also has the potential to expose sensitive information. For real estate agencies that rely heavily on a solid reputation to acquire and retain clients, a data breach can have catastrophic consequences. For these reasons, managed IT services for real estate are becoming the new industry standard.
Common Cybersecurity Risks in Real Estate Agencies
These days, real estate companies are vulnerable to the same kinds of cybersecurity risks that other sectors are facing. Employees who click on a malicious link and jeopardize the network’s security are the target of phishing scams. Additionally, cybercriminals search for weaknesses in internet security that give them access to private information and enable them to use it for their own gain.
Business email fraud is also becoming more common. With this type of attack, criminals will impersonate a client or vendor and convince employees to transfer funds. Many cybersecurity threats involve manipulating individuals who may not be aware of online best practices.
Why Real Estate Agencies Are Attractive Targets
There are a few main reasons why real estate agencies are becoming more attractive targets for cybercriminals. First, many agencies are small businesses and as such, they don’t invest as much in cybersecurity. Larger firms with multiple locations are more likely to have a robust IT department that dedicates time to managing security. Smaller firms may not even realize that they are vulnerable to attacks.
Secondly, agencies are becoming more reliant on digital technology. Websites are used to list properties, collect personal information from clients, and manage certain transactions that can include large sums of money. Cyber criminals will target financial accounts and try to gain access to personal information that they can use in a variety of scams.
In essence, real estate companies are a prime target for criminals because they employ technology to gather and retain vast amounts of financial and personal data about valuable properties.
Doable Actions to Reduce Cybersecurity Risks
Thankfully, there are a few doable actions you can take right now to lessen cybersecurity threats.
- Education and awareness. It all starts with realizing that real estate agencies, even small ones, are vulnerable to attack. From there, leadership and employees need to receive the right education and training in order to avoid attacks.
- Make a list of your strengths and weaknesses. Before you can begin to build a cybersecurity plan, you need to make a complete assessment of your existing condition. Finding weaknesses and places for improvement will be made easier with the aid of a comprehensive audit.
- Develop the ability to identify potential risks. As malevolent actors find new ways to exploit networks and systems, the discipline of cybersecurity is always evolving. Keeping abreast of new risks is crucial.
- Act proactively. Making multi-factor authentication, strong passwords, and other best practices commonplace will help you be proactive in safeguarding real estate data.
- Constant monitoring and regular audits. Your network should be continuously monitored as part of a proactive plan. You want to be able to immediately identify any problems in order to mitigate damage. Regular audits are another way to make sure you are using the latest software and hardware to protect your agency.
- Partner with a managed IT service provider so that you can focus on real estate.
The Role of IT Partners and Managed Security Services
Many agencies don’t have the resources to hire an in-house IT team. At the same time, a dedicated IT team may be focused on growing the business and managing the website rather than monitoring and updating security. IT partners and managed security services can help to fill in these gaps and provide a customized security plan.
Enjoy the assurance of a committed security management plan at a cost that suits your budget when you work with a third-party cybersecurity provider. Providers also give unparalleled scalability and flexibility, allowing you to expand and adjust to your company’s changing needs.
Conclusion
Real estate companies have long believed they are immune to some of the cybersecurity issues that other businesses are facing. However, the move to digital platforms and growing dependence on technology for commercial processes have made agencies more vulnerable than before. Both their own reputation and the private information of their clients must be protected by real estate firms. If this seems like a Herculean task piled onto your other responsibilities, then it is time to find a managed IT service provider to help manage your business. The experts at Cyber Husky are here to help. Call today to learn more about our services.
