Real — Estate Cyber Security Threats and Strategy for Risk Management

Dealing with large amounts of data, especially from multiple sources, is vulnerable to the various attacks we read about every day. Issues around cyber security are nothing new for companies in the digital age; this sheds a light on how in commercial real estate, data protection is one of the most essential and key feature.
Organizations across the world are becoming extremely vulnerable to cyber attacks; data breaches commonly involve taking of consumer data, trade secrets, and other financial information. When we talk about causing damage to a property, the assessment of physical security risks in a property is commonly talked about with regard to protecting tenants. Controlling building access, providing security and monitoring parking garages are all key parts of property management, but what about protecting tenants from cyber-attacks and other digital threats?
Let’s look at some of the Risk Management systems here –
Value of Data
Earlier, the data used to be simply the information needed to complete the transaction, to access consumer’s information for work related purposes by Real estate players.
Today, data is considered a corporate resource, where your processes and procedures need to be in place in order to protect this valuable corporate asset. In this genre, the success of a company directs on how better it is utilizing the knowledge and information than its competition. Thus, it is about time that data should be considered a valued corporate asset, and as such, managed properly.
As more and more data and forms become electronic, we need to change our perception and our role in this whole process. We must consider ourselves IT companies that do real estate, rather than real estate companies that handle sensitive information. Commercial real estate affiliates with so many companies and people that knowing where the data comes from and where it goes is critical to our security. How data is created, handled and protected is a competitive advantage, hence it is critical, therefore, one must protect and use data properly.
There are four areas to be addressed to secure data in an organization.
Focus on vulnerabilities inside and outside your organization.
Like for example, used paper that is thrown away often contains sensitive information. These trash papers should be shredded, instead of being thrown away.
Educate employees.
Mind your third parties.
Recognize that security is everyone’s job.
There are some key points of vulnerability that should be addressed as you start your cyber security upgrade.

How safe is electronic storage?
The industry is very much fragmented — real estate companies, valuers, surveyors, banks, brokers, title companies, lawyers, counsellors all may touch the data at some point of time. Because of this, it is extremely difficult to protect the entire process. Ensure that your data storage areas like databases, data rooms, data warehouses are well protected with physical and cyber security.

What do you control?
Ensure that all the information associated with a given project between you and another party includes a scanned data which is free of viruses and other malwares prior letting it into your system.

How do you control it?
Ensure that all employees who interact with the data are trained and knowledgeable of the procedures to be followed in the process.

Who does better with cybersecurity?
Organizations that include cyber security in their corporate strategy, have people who are well trained about the potential vulnerabilities, have a good handle on their project and processes, have fewer breaches.
Make sure all the above points are in place for a well planned, well managed and well practised Cyber security for your Real Estate information.