Beyond the Buildings Property Cybercrime Rising: What You Need to Know
In recent years, cybercrime has surged across nearly every industry, with real estate emerging as a prime target for hackers. The shift toward digital transactions, coupled with the sensitive nature of real estate data, has made the sector a lucrative focus for cybercriminals.
From wire fraud to data breaches, the threats are evolving, posing significant risks to real estate agents, brokers, title companies, and even buyers and sellers.
Among the most pervasive issues is social engineering. These attacks often exploit the fast-paced, high-stress nature of real estate transactions, making them especially dangerous as buyers and sellers scramble to meet deadlines. The consequences? Anything from financial losses and operational shutdowns to irreparable reputational damage.
In this episode of Core Conversations, we dive deep into the cybersecurity challenges facing the real estate industry. Interim Chief Information Security Officer Rob Tennant, and Rob Love, a principal in advisory services product management, share their expert insights on the growing risks and explain why cybersecurity has become such a hot button issue in the property industry. They explore the rise of real estate wire fraud, discuss the vulnerabilities of agents and brokers in handling sensitive data, and offer tips on preventing cyberattacks from derailing transactions.
In This Episode:
2:28 – Why is the property industry such an appealing target for cybercrime?
3:46 – What are the impacts on the real estate industry from cybercrime? What are the impacts of losing personal data specifically?
6:44 – Where are the bad actors coming from?
9:19 – Are there unique differences between cybercrime in residential real estate and commercial real estate?
11:04 – Why is data security important for individual real estate agents?
14:21 – Are there also vulnerabilities in mortgage and insurance too?
17:16 – Erika Stanley does the numbers in the housing market in The Sip.
18:36 – How do cybersecurity breaches happen?
21:52 – What are things to look out for to prevent wire fraud in real estate transactions?
24:33 – How can someone plan to combat systemic cybersecurity risk?
26:31 – Erika Stanley reviews natural catastrophes and extreme weather events across the world.
27:27 – What does the future look like for cybersecurity risk?
Up Next: How Could Gig Work and Automation Lead to More Mortgage Fraud?
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