Cyber Security

Why Cybersecurity is Vitally Necessary for Real Estate Transactions

By February 18, 2020 No Comments

Cybercriminals always look for the easiest and, at the same time, the richest targets. They have apparently discovered that the real estate sector is a prime target. Research from 2017 through 2018 showed a 136% increase in cyberattacks on the real estate industry. The total in business losses due to real estate wire transfers unknowingly sent to cybercriminals in that two-year period was more than $12 billion. A higher level of cybersecurity is needed when agents deal with their real estate clients, and the following provides more information and solutions available through managed service providers (MSPs).


Sizable Money Transfers

Large money transfers are a daily part of the life of a real estate agent, and cybercriminals have figured that out. The strategies the cyber attackers use most frequently are account takeover attacks (ATOs) and business email compromise (BEC). With these tactics, the criminals impersonate whoever is asking for a large money transfer. Oftentimes, the money is wired to the account provided before the crime is discovered. 

To address these threats, increased cybersecurity is needed. Managed service providers leverage artificial intelligence (AI) and machine learning to learn the communication patterns of a user. The cybersecurity solution detects unusual behavior and alerts the MSP, who takes rapid action in warning the client.


Lax Security Standards

Although a large amount of highly sensitive private information is exchanged in real estate transactions, most real estate agents use their personal email accounts to conduct business. This typically means that there is a complete lack of email security solutions that would protect the data. Weak security passwords are frequently part of the reason for serious vulnerability to cybercrime. 

Without extra layers of cybersecurity, cybercriminals find it easy to hack into accounts and impersonate real estate agents. MSPs offer robust cybersecurity solutions that protect real estate customers from a variety of cyberattacks, including phishing attacks, DoS attacks, zero-day attacks, and more.

Contact thinkIT Solutions to speak with an Expert about your cybersecurity efforts to defend against malicious attacks.

 

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