Stay up to date with the latest articles and industry news.

As technology continues to shape the world around us, it's no surprise that the property industry is embracing digital transformation at an ever-increasing pace. From smart homes to online property management platforms, the benefits are immense. However, with progress comes new challenges, and one of the most pressing concerns is cyber security. In this blog post, we will explore the evolving cyber threats faced by the property industry in 2023 and discuss how you can equip yourself to combat them.

The growing cyber threat landscape

As the property industry becomes more interconnected, it opens up a whole new realm of cyber security vulnerabilities. From residential buildings to commercial properties, hackers are finding innovative ways to exploit weaknesses and gain unauthorised access to personal information. Ransomware attacks, data breaches, and phishing scams have become all too common in recent years, costing both property professionals and borrowers significant financial and reputational damage.

Why should you care?

You might be wondering, why should I be concerned about cyber security in the property industry? Well, apart from the potential financial losses, the very essence of property ownership and management relies on trust. Imagine the impact on your reputation if your borrowers personal data were compromised or if your management system was paralysed by a ransomware attack. In the digital age, trust is everything, and prioritising cyber security is a non-negotiable.

Here’s what you need to know to be prepared:

1. Stop using email to share sensitive information!

Acknowledging the needs of property professionals to handle personal and sensitive data is crucial. However, it's vital to recognise that history has shown us that email isn't the most secure means of sharing such information, despite its perceived convenience. By persisting with this method, you inadvertently jeopardise not only your own security but also the reputation of your business and the trust of your clients. Prioritise the adoption of a secure system that facilitates encrypted document exchange. This approach not only safeguards your reputation but also instils a sense of assurance in your clients.

2. Keep software and systems up to date

Okay great, so you have adopted a secure cloud based system with increased security controls. That’s awesome but now you need to ensure you regularly update your software and systems to ensure your have the latest security patches. Cyber criminals are constantly evolving their tactics, and outdated software can leave you vulnerable to their attacks. Enable automatic updates wherever possible and consider investing in reputable security software that provides real-time protection.

3. Implement strong passwords and Two-Factor Authentication:

The weakest link in any security system is often the human element. Using strong, unique passwords and enabling two-factor authentication adds an extra layer of security. Encourage your clients and staff to follow secure password practices as well. Remember, a simple password can lead to disastrous consequences.

According to a recent cybersecurity study, implementing two-factor authentication (2FA) can prevent around 99.9% of automated cyberattacks aimed at breaching user accounts. 

4. Don't get complacent 

Just because you are cyber aware, don’t assume the rest of your team is. One of the most effective ways to prevent cyber attacks is to educate your team about the risks and best practices. Conduct regular training sessions and collectively maintain good cyber hygiene. By creating a culture of cyber security awareness, you can significantly reduce the chances of falling victim to an attack.

5. Embrace industry innovation

Just as cybercriminals up their game, so does the property realm. The industry is charging forward with ground breaking systems that shake up the old ways. These cutting-edge secure setups not only beef up security but also come packed with perks that revamp the usual grind, leading to smoother operations. Don't be the one stuck in the past. To stay in the game and stay ahead, diving into these innovations is a must.

Conclusion

As we navigate the ever-evolving digital landscape, the significance of cybersecurity within the property industry remains paramount. It's clear that by remaining vigilant against emerging threats, adopting optimal practices, fostering team-wide awareness, and wholeheartedly embracing innovative solutions, you can effectively mitigate risks and safeguard your invaluable reputation.