Realtors can address the growing impetus of cyberattacks via technology.
FREMONT, CA: Cybercrime can be catastrophic for real estate professionals as well as their clients. While the emergence of technology is enabling the firms to enhance their operational capability, hackers are also improving their skill set to gain access to a firm’s network. Further, huge fund transfers involved in real estate could be lucrative for attackers. The proliferation of smart technology and the internet of things-enabled devices can be a weak spot for the firms as they can potentially have multiple access points to facilitate the hackers.
There are various kinds of cyber threats that can potentially utilize the vulnerabilities of real estate. For instance, distributed denial of service (DDoS), man-in-the-middle (MITM), and 0-day attacks are some of the common threats that can impact real estate operations. However, realtors can take certain measures to address such attacks.
Password and Email Practices
It is crucial for the realtors to carefully guard access and login credentials of email and other services during a transaction. Realtors must also regularly purge their email account and archive essential emails in a secure location. Further, the use of complicated passwords will add to the security of the systems.
Keeping an updated antivirus and active firewalls is a healthy practice to counter cyber threats. Realtors must use verified apps and software for operational purposes. AI-based threat detection software can also benefit realtors during transactions. When it comes to engaging with an outside IT provider, realtors must review the applicable contracts and policies with their attorneys.
Policy and Law Considerations
It is essential for the realtors to ensure that they are within the guidelines of the local laws and policies. Realtors can collaborate with their attorneys to develop a written disclosure warning to the customer of the possibility of transaction-related fraud. Such measures will ensure that realtors are not entirely subjected in case of a cyber breach.
Realtors will benefit from the above practices and the adoption of technology-based solutions to address the challenge of cyberattacks.