Dear Real Estate Professionals, In the world of digitized real estate transactions, your role extends far beyond facilitating property deals. You are, in fact, a guardian of sensitive data, from personal details to financial information of your clients. This responsibility, however, also makes you an appealing target for cybercriminals.
The Growing Threat of Ransomware in Real Estate
As we confront the reality of ransomware attacks predicted to occur every two seconds by 2031, preparation has become more crucial than ever. Imagine your MLS services provider falling victim to a ransomware attack and not being able to list homes or adjust prices. This isn’t a hypothetical situation — it has already happened.
Recent Real Estate Cybersecurity Breaches
MLS Cyberattacks
In August 2023, a cyberattack on the MLS system provider Rapattoni led to outages across 23 MLSs nationwide. This attack disrupted real estate operations, preventing agents from accessing and updating property listings. Resource
Title Services Attacks
Then in fall 2023, Fidelity National Financial, the largest title services provider in the U.S., experienced a hack. This breach, along with an attack on First American Financial, stalled closings for over a week. Resource
Mortgage Provider Breach
On October 31, 2023, hackers compromised the systems of mortgage provider Mr. Cooper, forcing the company to shut down access for several days.
These incidents underscore the importance of robust cybersecurity measures in the real estate industry. Resource
Practical Steps for Real Estate Cybersecurity
✔️ Staying informed forms the first line of defense. Knowledge is power. Understanding the latest cyber threats can help you identify potential vulnerabilities and take appropriate action.
✔️ Implement robust security measures. This includes using secure networks, installing reliable security software, and regularly updating your systems. A routine IT infrastructure audit can help identify and rectify potential weaknesses.
✔️ Encrypt sensitive data. Encryption transforms data into a format that can only be read with a decryption key. This adds an extra layer of security, making it harder for cybercriminals to access your data.
✔️ Educate your team. Your employees can be your first line of defense against cyber threats. You can prevent many cyber attacks by ensuring they are trained to recognize and respond to potential threats.
✔️ Backup data regularly. Regular backups of important data can help you recover quickly in case of a ransomware attack or data breach.
✔️ Partner with cybersecurity experts. This can provide professional guidance and robust cybersecurity solutions tailored to your needs. Companies like EZETech specialize in this area.
✔️ Invest in cyber insurance. It can provide financial protection in the event of a cybersecurity incident, a crucial consideration for businesses handling large volumes of sensitive data.
Securing Your Business for the Future
If you need help strengthening your cybersecurity defenses, don’t hesitate to reach out to EZETech for a cybersecurity consultation. Our team of experts can provide you with comprehensive, customized solutions to protect your business from escalating cyber threats.
Remember, in today’s digital world, prioritizing real estate cybersecurity isn’t just an option but a necessity to safeguard your business, protect your clients, and maintain trust within the industry.
About the Author
Written by: Zack Ibanez, founder of EZETech LLC.
With over 15 years of extensive experience in IT and cybersecurity, Zack specializes in delivering tailored solutions and advanced security measures to protect businesses in a rapidly evolving digital landscape.
