In recent years, the real estate investment trust (REIT) business has experienced an increase in digital risks, which range from phishing to e – mail assaults to data breaches. Such threats have also been directed at housebuilders and others involved in the housing industry.
Real estate, despite the fact that it is not generally linked with high-risk industries such as finance, medical, or industrial, is nonetheless a victim of cybercrime on a regular basis. Real estate firms are an obvious target for cybercriminals, given the significant sums of money and personal information that are involved in many of the transactions they handle.
Several elements, including the amount of readiness – or the lack thereof – determine how much danger is offered and if a successful cyberattack occurs.
In the United States, more than half of cyberattacks are directed against small enterprises. While small firms may not appear to be as valuable as huge corporations from a financial standpoint, their security measures are often laxer, making hacking them a far easier task for malicious actors. Small companies already account for 13 percent of the global cybercrime industry, despite the fact that the average small firm invests less than $500 per year in cybersecurity.
However, while a title insurance firm, or any business in the real estate industry, may appear to be an improbable target for a cyberattack, these types of attacks are really fairly prevalent. After all, the real estate sector is projected to be worth $31.8 trillion, and the organizations that operate inside it maintain a tremendous quantity of consumer data, which can include everything from social security numbers to financial and banking information.