Whether it’s commercial real estate, residential real estate, or property management, it is a fact that the real estate industry as a whole has become a prime target for cyber criminals. But cybersecurity, while being viewed overall as one of today’s most pressing threats, historically has not been fully highlighted as a key issue within the real estate sector.
Whether it’s due to increased instances of wire transfer fraud, breaches in smart buildings through unsecure internet of things devices, or just increased corporate liability, the overall real estate industry is beginning to take notice that cybersecurity is now front and center in terms of important things to consider. With criminals stealing everything from customer identities to bank account details to wiring instructions, anxiety within this sector is growing rapidly. Brokers, developers, appraisers, rental agents, realtors, and multi-service real estate firms must be diligent with protecting the significant amount of third-party information they hold.