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Today’s real estate firms have gone digital. Many real estate professionals use the internet to connect with buyers and sellers and facilitate deals.
While these digital tools have certainly streamlined real estate operations, they also open your firm up to dangerous cyber threats. Even a small-scale cyberattack could result in damage to your systems, your finances, and your reputation.
To keep hackers at bay, you’ll need to put airtight cybersecurity measures in place. Here are 8 top cybersecurity tips your real estate firm should follow.
Key Takeaways
- Real estate organizations are popular targets for cybercrime due to the personal and financial data they collect.
- Implementing a comprehensive cybersecurity strategy helps protect your clients and your business. It also helps prevent devastating financial losses that result from data breaches.
- Standard cybersecurity practices like access management, data encryption, and employee training help keep your real estate business safe.
- You’ll need to update your systems and cybersecurity strategy regularly to address new threats.
1. Strong Password Policies
Strong passwords are crucial for protecting your system from cybercriminals. Encourage your team to use complex, 12 to 14-character passwords combining letters, numbers, and symbols.
This serves as a primary defense against unauthorized access. Implement similar requirements for client-facing systems. Update passwords annually and immediately after a data breach.
For ease and security, consider using a password manager to generate and store unique passwords for all accounts.
2. Regular Software Updates
Many cybercriminals target real estate organizations by exploiting vulnerabilities in outdated software. Hackers often search for these weaknesses, making them a significant cybersecurity risk.
To protect your business, it’s important to regularly update your software. Providers frequently release patches that address these vulnerabilities. Installing updates promptly can greatly enhance your security.
Schedule updates during off-hours, such as nights or weekends, to minimize disruptions. Ensure all software, including CRMs, communication apps, financial platforms, and real estate-specific tools, are updated consistently.
3. Secure Communication Channels
When communicating digitally, be sure to use secure channels to protect sensitive information. This applies to internal communications, client interactions, and dealings with partners or stakeholders.
Opt for encrypted communication channels to safeguard your online messages and files in transit. Encryption scrambles your data, making it unreadable to unauthorized parties, and requires a passcode for access.
If you need to send secure files or client information via email, always encrypt them first. Platforms like Outlook and Gmail offer features for sending encrypted emails.
You can also protect documents, such as Word files or PDFs, using the “protect” setting. When transmitting a passcode for encrypted data, do so securely via phone or in person to avoid interception.
4. Multi-Factor Authentication (MFA)
To enhance security, implement multi-factor authentication (MFA) across all internal systems.
MFA adds a critical layer of security, requiring not just a username and password but also a second form of identification, such as a one-time code sent to an email or phone. This ensures that even if login credentials are compromised, your accounts remain protected.
The Cybersecurity & Infrastructure Security Agency notes that using MFA can reduce the likelihood of being hacked by 99%. Many real estate software programs support MFA, so make sure to enable this feature and require it for both employees and clients accessing your systems.
5. Employee Training and Awareness
As a real estate agent, your primary focus is on buying and selling properties, and you might not be fully updated on the latest cyber risks and best practices.
Given that much of real estate transactions now occur online, it’s crucial for your team to understand cybersecurity. Consider offering regular training to all employees to keep them informed about current security threats.
If you lack in-house cybersecurity experts, partnering with a Managed Service Provider (MSP) to organize training sessions with IT specialists is a viable option. Cybersecurity training can vary, from in-person workshops to virtual modules and continuous access to educational resources.
6. Data Encryption
In addition to encrypting your communications, you should also encrypt your data, both while it’s in storage and while it’s in transit.
Real estate companies work with a wide range of valuable client data as part of their normal day-to-day operations. This includes both personally identifying information and financial information. While this data is necessary to facilitate transactions, it can also make real estate organizations an easy target for hackers.
Encryption is a must for preventing devastating data breaches. For maximum protection, make sure all of your servers and data management programs have encryption features available.
7. Network Security
Your networks are another potential access point for cybercriminals. Implementing secure Wi-Fi protocols will help mitigate cybersecurity threats. In fact, one study found that 25% of US adults have had private information compromised while using public Wi-Fi networks in cafes or restaurants. Airports and hotels were also ranked as high-risk locations for data breaches.
This starts with network security in your office. This starts with encrypting your Wi-Fi using the WPA3 setting on your routers. You should also implement a firewall on your router to keep suspicious traffic out.
If your employees have home offices, help them set up secure Wi-Fi networks with similar settings to your office networks.
If employees are working in public places, require them to use a VPN for security. VPNs encrypt your web traffic, which helps keep you safe while working on public Wi-Fi networks.
8. Regular Security Audits
As technology advances, so do cybercriminals. With new threats emerging frequently, you’ll need to continuously update your security strategy to address them.
This starts with conducting regular risk assessments and audits. This approach will help you identify weak spots in your current cybersecurity strategy to focus on. Proactively addressing these issues can prevent data breaches before they happen.
It is often challenging to identify security risks in your own systems. To prevent problems from happening, consider working with a third-party MSP to ensure that no cybersecurity concerns float under the radar.
