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Why Real Estate Professionals and Companies Are a Target for Cybercrime?
Real estate companies not only hold the exact information hackers seek but also use digital payment platforms, collaboration tools, and property technology solutions, increasing their vulnerability to cyberattacks.
Moreover, many realtors work from small offices with limited resources for advanced cybersecurity measures.
Hackers target real estate offices for their trove of customer information that realtors handle daily. A single successful phishing attack or a negligent realtor can expose sensitive bank account details or mortgage documents.
To counter these threats, real estate executives need to adopt cybersecurity solutions and enforce strict protocols. By actively safeguarding online information, they aim to prevent data breaches and preserve client trust.
How Hackers Targeted the Real Estate Software Management Tool and Compromised All Real Estate Data in Dubai
- Names
- Emails
- Phone numbers
- Scanned copies of receipts, checks, contracts, and IDs
Increasing Cybercrime in Dubai Due to High Economic Growth in Dubai
Dubai’s economy expanded an annual 3.2 percent in the first half of 2023. Economy expansion in Dubai has led to an increase in cybercrime in different sectors such as manufacturing, finance and banking, retail, energy, health care, and government.
The UAE reported a “300 percent increase in cyber attacks” between 2020 and 2021, and with the ongoing digital revolution, this frequency is likely to continue rising.
Common Cyber Security Threats in Real Estate
Phishing:
A prevalent cyberattack involves hackers deploying social engineering tactics to deceive individuals into divulging sensitive information. Within this realm, phishing entails masquerading as a legitimate business to acquire private information.
Ransomware:
A ransomware attack occurs when hackers infiltrate a network using malware and demand payment to stop their activity and reveal any stolen information.
Human Error:
Human factors like stolen credentials, phishing scams, and employees’ failure to follow company cybersecurity protocols caused data breaches.
Also Read: What Is Penetration Testing?
How Real Estate Professionals and Companies Can Prevent Cybercrime?
The increased digitization of real estate operations means cybersecurity is more important than ever. The following steps provide an effective model for preparing for and responding to cyber threats:
Risk assessment
Evaluate the company’s cybersecurity infrastructure to identify potential security gaps. Use this information to create an affordable, efficient, and effective long-term cybersecurity plan tailored to the business’s data security needs.
Implement specific procedures for monitoring potential malicious activity and risk exposure, mainly if the company works with third parties with sensitive data access.
Employee training
Include cybersecurity awareness in-company training and the onboarding process. Ensure employees are fully educated on spotting phishing and ransomware attacks and update training programs as cybercriminals adjust their strategies.
Proper data storage and disposal
In addition to maintaining standard electronic security measures like email encryption and firewalls, bolster real estate cybersecurity standards with regular computer security scans, two-factor authentication, password managers, and vulnerability assessments.
Trusted Cyber Security Partner in Dubai
Mechsoft Technologies is a leading cyber security service provider for real estate professionals and companies. Understanding the unique challenges of the real estate sector.
Offers specialized solutions that safeguard sensitive client information, transaction records, and digital payment systems. With its state-of-the-art encryption, real-time threat detection, and comprehensive staff training.
Mechsoft Technologies stands as an essential partner for real estate entities aiming to protect their digital assets and maintain client confidence in an ever-evolving cyber landscape.
