Just like with most (if not all) business sectors, the real estate industry faces its own cybersecurity and IT threats on a daily basis. From data breaches to phishing scams, IT threats facing real estate agents can pose significant risks to their operations and client confidentiality.
Real estate agents are particularly vulnerable to cybercriminal attacks because of the amount of information they handle for each real estate transaction. Hackers target real estate agents for customer bank accounts, Social Security numbers and other personal identifiable information (PII) that clients must provide.
So although not initially considered part of a high-risk industry (like healthcare or finance), real estate companies could quickly become easy prey.
Here are some of the top IT threats facing real estate agents.
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6 common cybersecurity threats for real estate agents
Data Loss From Stolen or Compromised Devices
Real estate agents don’t just rely on mobile devices and web apps to communicate with clients on the go. They also use these types of portable devices for lease signings, scheduling, contract listings and other important records.
Because people can physically lose, destroy or steal electronic devices such as phones, tablets and laptops, real estate agents must take steps to protect their data. All PII should be encrypted, behind multilayer authentication gates or stored in the cloud rather than on compromisable devices.
Phishing Scams
Like most industries, the real estate industry is prone to phishing scams.
In case you need a reminder, phishing scams occur when a hacker imitates a real person or company and begins communication with someone via email. Then, they use this impersonation to request confidential information, such as account credentials or personal data.
Phishing attacks can use email links, text messages and even social media to trick people into giving away information or downloading malicious attachments that give cybercriminals access. Real estate agents might be especially prone to phishing scams because they obtain a lot of PII from their clients.
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Business Email Compromise
One prevalent type of phishing scam is a business email compromise (BEC) attack.
BEC attacks often use email messages claiming they’re business counterparts, like vendors, bankers or other real estate industry professionals. They then deceive their victim into sending them funds, usually via wire transfer. BEC attackers often target real estate employees by claiming to be escrow agents or contractors.
Ransomware
Cybercriminals are always on the lookout for vulnerabilities in a company’s infrastructure and security. Once they find a way in, they can install malicious software (aka malware) that allows them to take over your real estate company’s entire system.
When a hacker does this, the problems don’t stop at costly downtime for all real estate agents working in that company. Cybercriminals could also initiate a ransomware scheme.
This means they demand a large sum of money in exchange for the release of compromised systems, which could jeopardize closings and cause devastating financial loss.
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Cloud Breaches
When the COVID pandemic struck, many industries, including real estate, went remote. This means that in addition to accessing information and communicating on the move, real estate transactions and data have moved to cloud hosting.
Companies without a solid IT infrastructure or cybersecurity training regarding the cloud are at a much higher risk of data breaches. That’s especially true when employees access crucial data and PII outside the office.
Third-Party Vendor Risks
For real estate agents, third-party vendors are a persistent threat to cybersecurity. The sheer number of third-party vendors and subcontractors who work with real estate companies means the risk is high that a breach that occurs with only one can easily harm the real estate company.
It also means real estate companies must do their due diligence in vetting vendors and ensuring everyone meets the minimum security requirements — especially if they handle clients’ PII.
[Related: Strengthen Your Online Security]
Close Your Next Deal Securely With CMIT Solutions of Bothell
Make cybersecurity a priority for your business — but don’t spend all day worrying about it.
At CMIT Solutions of Bothell, we’re experienced in taking care of cybersecurity for a variety of industries, including real estate. We work hard to provide around-the-clock maintenance and IT support so you can focus on what matters — growing your business and connecting with your customers.
CMIT Solutions is ready to help. Contact us today, and let’s get started.
Featured image via Unsplash
