Are you in the real estate or construction industry?  Cybercriminals are increasingly attacking the real estate and construction industries – and according to a new FBI report, the real estate sector has become a top target.

In the last two years, cyberattacks in the real estate sector has risen 136 percent and has incurred over $12 billion in losses due to wire transfers. With attacks in this sector on the rise, it’s a good time for your IT service provider to perform a security health check on your business and make sure you are doing what you can to keep your business safe.

So why has Real Estate become such a focal point?

3 Reasons why the real estate industry is being heavily targeted

1. Frequent money transfers. One of the largest reasons why cybercriminals are heavily targeting the real estate industry is that it is lucrative. Real estate agents deal with large money transfers daily.

Attackers have learned that through business email compromise (BEC) and account takeover attacks (ATO) they have been able to impersonate the agent or whoever is requesting the large transfer. By doing this, they can often wire the money to a different account before the mistake or impersonation is discovered.

2. Lax security standards. Agents and real estate firms deal with very sensitive private information – bank accounts, financial history, tax documents, and more. What is concerning, is the lack of security associated with protecting this vital information.

Most agents use their personal email accounts for work. That means they most likely have no email security solutions in place, use weak security passwords, and many times use their own marketing automation systems. All of these components create a tempting and potentially very fruitful opportunity for a cybercriminal. The lack of email security makes it easy for hackers to break into agents’ accounts and impersonate them.

3. Frequent communication. When it comes to the real estate industry, there are multiple parties involved – buyers, sellers, contractors, lenders, agents, and lawyers. Due to the complexity of the process and the number of people involved, it is easy for cybercriminals to find and exploit the weakest link.

The best way to prevent human error is with education. You might not be able to educate every single individual involved in these complicated processes, but each person that you do train strengthens your defense and minimizes the risk to all parties involved.

If your current IT guy hasn’t had you on his radar or kept you up to speed with some best security practices for your industry, give us a shout,  512-869-1155 or shoot us an email support@computekonline.com.

Computek will make sure your business stays protected!

 

Used with permission from Article Aggregator